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2025 half-year results & perspectives September 2025
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DISCLAIMER This presentation contains forward-looking statements with respect to Virbac’s profitability and financial condition, business operations, projects and outlook. Although Virbac’s management believes that such forward-looking statements are based on reasonable assumptions, as made as of the date of this presentation, such statements do not constitute guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside Virbac’s control, including but not limited to any risk described in the reports and documents regularly made available to the public and filed to the French financial markets authority (Autorité des marchés financiers - AMF). Investors and security holders may obtain a free copy of such documents at: corporate.virbac.com Section “Investors” This presentation does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France or any other jurisdiction. This document may not be reproduced, modified, adapted, published, translated, in any way, in whole or in part without the prior written consent of Virbac © All rights reserved.
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Presenters Habib Ramdani Chief financial officer - Deputy CEO Paul Martingell Chief executive officer Financial Performance & Strategy execution Introduction
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VIRBAC CEO APPOINTMENT - PAUL MARTINGELL Paul Martingell - CEO Virbac “I am honored to join Virbac and work with the great team, to lead the next phase of our exciting journey; to deliver on our mission of advancing animal health, sustainable growth and value creation” ➢ 25+ Years leadership in FMCG, Consumer Health & Human Pharma ➢ Leading transformation in international roles across Europe, Americas & Asia ➢ Most recently 11yrs in the Executive Committee driving the performance and integration of Sanofi & Boehringer Ingelheim CHC businesses and the successful €16bn spin-off to create Opella ➢ 10yrs leading high-growth brands and businesses in Emerging Markets at Reckitt ➢ EY trained Chartered Accountant Work Experience 1998-2001: ICAEW Chartered Accountant (FCA) 2013-2015: MBA at University of Edinburgh Business School Education
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Financial results and guidance Strategy execution & perspectives 2025 financial calendar Q&A session 2025 HALF-YEAR RESULTS & PERSPECTIVES
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2025 HALF-YEAR FINANCIALS - SUMMARY (1/3) Revenue Strong revenue growth of 7.8% at CER composed of 5.6% organic growth and 2.2% M&A contribution from Sasaeah acquisitions ● Solid performance in all geographies to the exception of Pacific ● The organic performance was supported by both price increases (~3%) and volume growth (~2%) Ebit adjusted at €135 million down by -€15.4 million (-10.2%) enabling 19% margin at constant exchange rate (-2,4 ppt vs HY24): ● Aligned with expectations ● Temporary gross margin impact: affected by a higher level of inventory write-offs compared to an unusually low H1 2024 and a temporary production shutdown for installation maintenance ● A controlled increase in operating expenses: driven by strategic R&D investments, timing of other operational expenses and temporary legal fees Net result at €82.6 million at actual rates (versus €95.3 million in HY24). ● Mainly impacted by a higher net financial charge of €8.5 million (vs €4.8 million in H1 2024), which included a €5.7 million foreign exchange loss EBIT Adjusted Net result €738.3 m in HY25 (vs €702.9 m in S1’24) +7.8% @CER €135.0 m in HY25 (vs €150.4m in HY24) 19,0% margin @CER (-2,4 ppt vs HY24) €82.2 m in HY25 (vs €94.9m HY24)
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2025 HALF-YEAR FINANCIALS - SUMMARY (2/3) €97.4 m in HY25 (vs €116.1 m in HY24) -16% vs HY24 Net Cash Flow CAPEX Working Capital Net Debt €53.9 m in HY25 (vs €27.2 m in HY24) +98% vs HY24 €72.5 m in HY25 (vs €82.0 m in HY24) -12% vs HY24 €201.4 m as of Jun25 (vs €168.5 m as of Dec24) ● Net cash flow generation of €97.4 million in HY25 in line with our performance ● Capex at €53.9 million in HY25 increased by 98% compared to HY24, this is mainly due to ongoing major industrial investments ● Working capital requirements increased by €72.5 million in HY25 mainly due to usual seasonality variations ● Net debt stand at €201.4 million as of Jun25 directly impacted by Capex and working capital requirements. Net debt/Ebitda ratio1 at 0.68 as of Jun25
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2025 HALF-YEAR FINANCIALS – SUMMARY (3/3) 81EBIT(A): current operating profit before depreciation of assets arising from acquisitions Revenues EBIT(A)
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REVENUE GROWTH DRIVERS In H1, our revenues amounted to €738.3 million versus €702.9 million in 2024, an overall increase of +5.0%. - Excluding currency effects, revenues showed significant growth of +7.8%. - The Sasaeah integration accounted for +2.2 points of this growth. On a like-for-like basis, organic growth was +5.6%, favorably impacted by a simultaneous increase in volume (~+2.1 points) and price (~+3.5 points). Note that the Mopsan acquisition, which contributed +0.6 points of growth, was not restated from the constant scope as it was considered non-material. Scope impact arising from Sasaeah acquisitions (Apr24) in Japan +5.6% growth @CERS1 1at constant exchange rates (CER) and scope (CERS)
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REVENUES AND GROWTH BY REGION 10 Virbac performance by geography Strong revenue growth in all geographies (especially in Latin America and IMEA) to the exception of Pacific (decrease in Australia due to destocking and market conditions) Note: in € million - values at actual rates and growth % at CER
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FOCUS GEOGRAPHIES USA France India Australia Mexico +15.3% @CER in HY25 Strong performance of the affiliate in a growing market leveraging the distribution structure and territory coverage. Growth drivers: Petfood (+40%), companion animal vaccines (+13%), swine and poultry business (incl. swine vaccine launch). Looking forward: Double digit growth expected by the end of the year . -11.4% @CER in HY25 This decrease is mainly attributable to destocking in our livestock distributor . Signs of farm animals market conditions improvement: ● Strong rainfalls in June ● Record pricing in livestock toward the end of the semester Looking forward: Rebound expected in Q3 with favourable sentiment in the climatic and economic conditions driving strong demand and continued uplift in market buoyancy. +5.9% @CER in HY25 Strong performance despite Vet market slow down in the USA in the categories where Virbac is present. Virbac over-performs market with its ongoing focus on dental, specialty and dermatology and its sales force excellence program. Continued investment to build omnichannel strategy. Looking forward: Double digit growth expected by the end of the year . +6.8% @CER in HY25 Strong performance on poultry, aqua, companion and sheep range products Continued Ebita improvement (favorable mix and procurement initiatives) Looking forward: ● Similar trend expected for H2 on the back of a good monsoon season ● Indirect US tariff impact? -0.4% @CER in HY25 Performance is impacted by lower sales of Petfood (lower ecommerce sales & new packaging impact) combined with lower sales of vaccines compared to a strong HY24. The FA segment continues to show great growth in 2025 Looking forward: Back to growth expected in H2 with promotional campaigns launched to boost Petfood demand combined with new Packaging and parasiticide launch
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REVENUE GROWTH BY SEGMENT (1/3) 12 HY25 Revenue €738.3m Note: in € million in actual rate; in % at constant exchange rates and scope
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REVENUE GROWTH BY SEGMENT (2/3) COMPANION ANIMALS +7.1% at CERS +4.9% at actual rates GROWTH €71.8m (+13.9%) €47.0m (-0.8%) €89.8m (+12.5%) €65.4m (+2.7%) €63.8m (+6.4%) €84.7m (+5.1%) Note: in € million - at constant exchange rates and scope
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REVENUE GROWTH BY SEGMENT (3/3) FARM ANIMALS +5.1% at CERS +7.0% at actual rates GROWTH €63.4 m (+11.7%) €51.8 m (-3.9%) €49.7 m (+5.4%) €46.7 m (+10.9%) €32.9 m (8.0%) €20.6 m (-5.3%) Note: in € million - at constant exchange rates and scope
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SALES BREAKDOWN BY REGION & SEGMENT 15Note: X.X% as percentage of total revenues at constant exchange rate - 🡻/🡻% HY25 growth at constant exchange rates - Other relates to contract manufacturing
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EBIT A BY GEOGRAPHY AND P&L STATEMENT 16 The adjacent table shows Virbac’s P&L in HY25 compared to HY24 at actual rates and scope In HY25 Virbac achieved an EBIT(A) of €135m resulting €738.3m revenues offset by cost of materials (€240.9m), net expenses (€334.4m), and depreciation (€28m). The actual EBIT(A) margin stand at 18.3% Note: in € million - at actual rates and scope
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NET FREE CASH FLOW HY25 VS HY24 Virbac cash generation HY25 net cash generation stand at €97.4 million offset by increasing Capex expenses (+98% due to major industrial projects) and usual working capital seasonality. Net free cash flow stand at -41.1 million. Note: in €m - 🡻/🡻% HY25 growth compared to HY24 - CIT = Corporate Income Tax
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NET DEBT as of Jun25 vs Dec24 Net debt situation of €201.4 million compared to €168.5 million as of Dec24 Net debt/Ebitda ratio1 at 0.68 as of Jun25 Closing net debt at constant rate & scope +€210.7m (+€42.2m vs Dec24) Strong cash generation in HY25 in € million - 1covenant calculated as per RCF contract - Non cash impacts: includes non cash IFRS 16 variations (+€5.5 M€), non cash derivatives (-€ 5.0 M€) Recurring working capital seasonality effect on the first semester
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CONDENSED BALANCE SHEET ANALYSIS Balance sheet from Jun24 to Jun25 Slight increase in net debt (net debt to Equity ratio up to 18.9% as of Jun25 vs 16.2% as of Dec24) due to increasing capex requirements and working capital seasonality.
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SHAREHOLDING STRUCTURE AS OF JUNE 2025 20 Number of shares 8 390 660 Voting Rights
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Financial results and guidance Strategy execution & perspectives 2025 financial calendar Q&A session 2025 HALF-YEAR RESULTS & PERSPECTIVES
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Teams Process ● Corporate culture and purpose ● HSE & CSR ● Great Place to Work ● Compliance & ethics ● Odyssey: ERP, MES, LIMS, e-PIMS ● Innovation: RIMS, R&D EDM ● Digital business transformation ● Cybersecurity Strengthen our key positions (countries and species) while focusing on: ● USA ● China Geography Species & segments ● Companion animals ● Ruminants ● Aquaculture ● Pigs ● R&D acceleration and “Busters” programs Innovation ● Industrial strategy and competitiveness Competitiveness ● Programmatic M&A and dynamic licensing Acquisition Portfolio Target 20% VISION 2030 - CLEAR ROADMAP
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ILLUSTRATION OF PROGRESSES IN 2025 Product launches Excellent contribution of new products: Trilotab, Ursolyx, Swine vaccines ... Prevexto & Vikaly to come Innovation R&D Pipeline progressing well. Launch of 1st Chinese product developed in China Submission of updated R&D and regulatory data to meet local requirements for product approval renewals Industrial transformation Key projects globally on track: Biology unit, French logistic center , petfood facility, inventory management and productivity … Major acquisitions On-going integration on recent acquisitions: Sasaeah (Japan), Globion (India), Mopsan (Turkey) H1: 9 commercial and 3 technology licensing signed Digital infrastructure roll-out Deployment of ERP/MES1/LIMS2: after finalisation of wave 1 (US, FR), wave 2 (global roll-out) kicked-off GPTW progress While countries are rolling out their GPTW action plans, global focus is on Diversity and Inclusion 1Manufacturing execution system 2Laboratory information management system
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M&A INTEGRATION - STATUS UPDATE 24 Integration process very well advanced ● Japan Leadership Team complete with the onboarding of both the new general manager and the new head of Human Ressources ● Progress made on HR harmonization ● Product packaging harmonization on-going ● Complete access to Group digital communication tools ● ERP integration kicked-off with IBM FY25 half year performance €27.4 million revenues realized in HY25 and +6.1% above budget, with both CA and FA business units over delivering Integration process very well advanced ● Brand identity switch done combined with new product launches and acceleration ● Virbac IT infrastructure implemented including all IT tools and workspace. ● Leadership and Virbac process are in place ● Implementation of major Finance reportings ● Optimization of the supply chain with France ● Progress in alignment with internal regulatory, compliance and legal policies FY25 half year performance ~+29% revenue increase in HY25 compared to HY24 at actual exchange rate SASAEAH MOPSAN
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FULL YEAR 2025 GUIDANCE 25 Sasaeah acquisition to add 1 point of net revenue growth and to be neutral on the Ebita ratio 1EBIT(A): current operating profit before depreciation of assets arising from acquisitions
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Financial results and guidance Strategy execution & perspectives 2025 financial calendar Q&A session 2025 HALF-YEAR RESULTS & PERSPECTIVES
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2025 FINANCIAL CALENDAR – UPCOMING EVENTS *after market close 27 October 16, 2025* January 15, 2026* Q3 sales Q4 full-year 2025 sales
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Financial results and guidance Strategy execution & perspectives 2025 financial calendar Q&A session 2025 HALF-YEAR RESULTS & PERSPECTIVES
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2025 half-year results & perspectives September 2025