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Solving problems for healthcare FY 25 Preliminary Results Presentation
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Important Notice This presentation has been prepared solely in connection with the financial results of Uniphar plc (the "Company") for the period ended 31 December 2025 and should be read in conjunction with the announcement of the interim results of the Company for the period ended 31 December 2025, released 24 February 2026 (the “2025 Full Year Results Announcement”). For the purposes of this notice, the presentation that follows shall mean and include the slides that follow, the oral presentation of the slides by the Company, the question-and-answer session that follows that oral presentation, hard and electronic copies of this document and any materials distributed at, or in connection with, that presentation. This presentation is not intended to and does not constitute or form part of any offer, or invitation, or solicitation of any offer to issue, underwrite, subscribe for, or otherwise acquire or dispose of any shares or other securities of the Company in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation or warranty, express or implied, is given by or on behalf of the Company, its group companies, or any of their respective shareholders, directors, officers, employees, advisers, agents or any other persons as to the accuracy, completeness, fairness or sufficiency of the information, projections, forecasts or opinions contained in this presentation. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the information or opinions in this presentation and neither the Company and its group companies nor any of their respective employees, officers, directors, advisers, representatives, agents or affiliates, shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Certain information contained in this presentation has been obtained from published and non-published sources prepared by other parties, which in certain cases have not been updated to the date hereof. While such information is believed to be reliable for the purpose used in this presentation, the Company does not assume any responsibility for the accuracy or completeness of such information and which has not been independently verified by the Company. Except where otherwise indicated herein, the information provided in this presentation is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. This presentation contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of the Company and its group companies. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these projections and forward-looking statements. Any of the assumptions underlying these projections and forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the projections and forward- looking statements may not actually be achieved. Recipients are cautioned not to place undue reliance on any projections and forward-looking statements contained herein. Except as required by law or by any appropriate regulatory authority, the Company and its group companies undertake no obligation to update or revise (publicly or otherwise) any projection or forward-looking statement, whether as a result of new information, future events or other circumstances. Your attention is drawn to the ‘Principal Risks and Uncertainties’ set out in the Company’s 2025 Preliminary Results. The risks described, however, are not exhaustive and there may be other risks which may have an adverse effect on the business, financial condition, results or future prospects of the Company. The 2025 financial information set out in this document is audited. The comparative 2024 financial information set out in this document has been extracted from the audited financial statements of Uniphar plc for the financial year ended 31 December 2025. For further information see www.uniphar.com 2
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Agenda 3 01 02 03 Overview & Highlights Divisional Review Investment Update 04 05 Financial Review Capital Allocation & Investment Case Ger Rabbette Chief Executive Officer Tim Dolphin Chief Financial Officer Brian O'Shaughnessy Chief Commercial Officer Dermot Ryan Chief Operating Officer 06 Q&A Call Participants
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Overview & Highlights 4
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A diversified international healthcare services provider €3.1bn 160+ 4 200 Uniphar at a glance 5 Supporting 200 multinational pharmaceutical and medtech manufacturers across three divisions Active in Europe, North America, APAC and MENA Delivering to 160+ countries In 2025, the Group generated revenue of €3.1bn, gross profit of €457.7m and EBITDA of €130.9m €200m EBITDA target by 2028 At least 80% of growth to be organic
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Product approval Pricing and payment Access key opinion leaders Finding patients Educating key stakeholders Patient access to products Getting product to patients Healthcare manufacturers Medtech 7 of the top 10 are Uniphar clients Large pharma All of the top 10 are Uniphar clients Biotech We are the leading global player in Cell and Gene access Healthcare stakeholders Patients Doctors / consultants Hospital / retail pharmacies Regulatory agencies Government & other payors Solving problems for healthcare 6
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Financial Highlights 7 Strong progress towards in 2025 Organic gross profit growth of 9% ROCE of 16.3% above our 12- 15% target2 Leverage of 1.6x EPS growth of 21% FCF conversion of 99%1 1. Free cashflow is defined as EBITDA, less investment in working capital, less maintenance capital expenditure, less principal and interest payments on leases, less foreign exchange translation adjustment divided by EBITDA 2. See slide 36 Organic EBITDA growth of 9% Organic growth across all divisions FY 24 FY 25 8.9% organic growth SC&R Medtech Pharma M&A FX €8m €11m €19m (€7m) (€1m) €428m €458m
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10.1 24.8 2019 2025 EPS1 (cent) Our strong track record since IPO 8 180.6 457.7 2019 2025 Gross Profit (€m) Margins (%) 10.8 14.9 2019 2025 3.5 4.3 2019 2025 Gross margin EBITDA margin 58.6 130.9 2019 2025 EBITDA (€m) 1. Adjusted EPS has been calculated based on 2025 weighted average shares in issue
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Sustainability Highlights 9 Sustainability is at the core of what we do and is deeply embedded in our business strategy Environment • Climate Change • Resource Use & Circular Economy Uniphar’s rating of AAA was reaffirmed Maintained CDP ‘B’ Rating Uniphar ranks 8th out of 621 healthcare companies globally Governance • Business Conduct Social • Our People • Workers in our Supply Chain • Our Patients
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Divisional Review 10
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3 divisions serving our healthcare customers 11 Ireland Mass market Infrastructure play Global Speciality High growth Europe Speciality High growth 45% % of Group gross profit % of Group gross profit 29% % of Group gross profit 26%
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Structural Drivers 12 Biotech Account for 85% of global development pipeline and 60% of all drugs launched in US Very limited infrastructure ex US Supply chain complexity Consolidation of generic manufacturing and greater product complexity (biologics/ cold chain) driving shortages Large pharma Increasingly focused on larger markets only Patient/HCP awareness Greater patient and HCP awareness of new medicines available outside their own market
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How Uniphar Pharma wins 13 Global platform Leveraging global capabilities and a common platform to deliver high value solutions to manufacturers and hospitals We accelerate patient access to medicines by facilitating global availability through licenced and unlicenced channels Huge global market opportunity Global Speciality High growth Global sourcing capability Common Uniphar infrastructure Global hospital channel Services for Pharma/Biotech Customers Services for Hospitals Solving any product access issues across unlicenced medicines, shortages and alternative products Support for speciality medicines from pre-reimbursement access through to peak sales % of Group gross profit 29%
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14 • Double-digit organic growth led by strength in Global Sourcing • Leading platform meeting high demand for shortages, unlicenced medicines and clinical trial supplies • Accelerate patient access and time to achieving peak sales for innovative therapies • Continued investment in Global ex-US launch capability offering comprehensive end-to-end services Providing access to unlicensed and specialty medicines globally Revenue and Gross Profit Gross Profit Split EBITDA Gross Profit Growth Revenue €691m Gross profit €132m Reported 8.5% Organic 15.5% Ireland 25% Rest of World 40% EU 35% EBITDA €30.6m EBITDA margin 4.4% Growth drivers during 2025
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Structural Drivers 15 Large and fragmented European market The total European Medtech distribution market is worth over €60bn and is growing 3-4% p.a. Larger distribution platforms are expected to grow faster through market share gains and acquisitions Smaller players lack infrastructure There are a growing number of small, innovative manufacturers who lack infrastructure in Europe Shift from direct to indirect/hybrid Larger manufacturers are moving from direct to indirect or hybrid models Portfolio change Manufacturers are increasingly divesting non- core portfolios to acquirers who may lack distribution infrastructure
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How Uniphar Medtech wins 16 European platform Full service medical device commercialisation model Expanding into new regions, specialties and services Multi-decade relationships with leading manufacturers Focus on consultant-led decision making High margin, high growth, long-term relationships Europe Speciality High growth Leading medtech manufacturers High value specialisms; Orthopedics Critical Care Interventional Diagnostic Imaging Surgical Ophthalmology Hospital consultants Global manufacturer relationships Uniphar healthcare professionals European hospital channel % of Group gross profit 26%
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17 • Strong organic growth across all regions • Growth in all specialities • Travelled with existing suppliers into new regions • Live with new suppliers in all regions Sales, marketing and distribution solutions for manufacturers Growth drivers during 2025 Revenue and Gross Profit Gross Profit Split EBITDA Gross Profit Growth Revenue €293m Gross profit €120m Reported 10.5% Organic 10.5% Recurring Products and Service 86% Capital Equipment 14% EBITDA €49.1m EBITDA margin 16.8% • Strong pipeline building
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How Uniphar SC+R wins 18 Ireland only platform Leading player in the Irish pharmaceutical market Vertically integrated across wholesale and retail channel Strong moat, high barriers to entry, highly cash generative Moving up the value chain into own brand consumer, partnerships and in-licencing Ireland Mass market Infrastructure play Wholesale market leadership Buying groups Franchise groups Direct pharmacy ownership Consumer brands Rx in-licensing Retail market leadership Network of 482 pharmacies1 Global manufacturer relationships Uniphar Wholesale infrastructure Irish pharmacy channel 45% % of Group gross profit 1. 482 pharmacies includes owned, franchised and symbol group members
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19 • We continue to win market share in a growing Irish wholesale market • Strong wholesale growth across all categories • Retail seeing good growth in Rx, slower growth in front-of-shop • Symbol group expanded by 37 stores to 482 Leader in the Irish pharmaceutical market. Supported by a network of 482 pharmacies1 Revenue and Gross Profit Gross Profit Split EBITDA Gross Profit Growth Revenue €2,091m Gross profit €205m 1. 482 pharmacies includes owned, franchised and symbol group members Reported 4.2% Organic 4.2% Supply Chain 44% Retail 56% EBITDA €51.2m EBITDA Margin 2.5% Growth drivers during 2025 • Strengthening management teams ahead of new distribution centre go-live in 2026
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Investment Update 20
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Infrastructure for €200m EBITDA and beyond 21 Dublin, Ireland Lelystad, The Netherlands North Carolina, US Midlands, UK US expansion: • Modern 65K square feet facility • 3,000 ambient storage locations • 300 cold chain pallet positions • Operational 2024 UK expansion: • BREEAM Excellent standard distribution centre • 110K square feet • 10,000 ambient storage locations • 800 cold chain pallet positions • Operational 2026 European expansion: • BREEAM Excellent standard distribution centre • 85K square feet • 10,000 ambient storage locations • 500 cold chain pallet positions • Operational 2025 Ireland expansion: • LEED Gold standard distribution centre • 330k square feet • 440,000 ambient storage locations • 1,200 cold chain pallet positons • Operational 2026
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Flagship Irish Distribution Facility 22 Return 12%-15% ROCE within 5 yrs, growing thereafter Drivers Aging population market growth at ≈2% annually Doubled our market share in 10 years to 50%+ Transform customer experience Distribution Capabilities Reduces direct pick costs by 50% & deliver better efficiency Pharmacy Enables Pharmacy of the Future with enhanced service offerings Capacity Futureproof capacity by >2x Market Share Growth Transforms the customer experience and will help drive further market share growth
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Irish Distribution Facility - Project Timeline 23 Dec 24 Mechanical install completed Mar-Sept-25 Warehouse management system inbound/ outbound testing & commissioning Sept-25 Full performance test Feb-26 Regulatory storage & distribution licensing process July-26 Go live commences Dec-25 ERP testing completion Apr-25 Regulatory fridge audit Apr-Dec-26 Dual-running period
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Financial Review 24
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Financial Highlights 25 Organic EBITDA growth 9.0% % Growth (€m) FY’25 FY’24 Reported Constant currency1 Organic2 Revenue 3,074.7 2,770.4 11.0% 11.1% Gross profit 457.7 427.6 7.0% 7.3% 8.9% Gross profit margin 14.9% 15.4% EBITDA 130.9 123.5 6.0% 5.9% 9.0% Adjusted EPS (Reported)3 24.8 20.5 21.0% Net bank debt/EBITDA 1.6x 1.5x 1. Constant currency growth is calculated by applying the prior period’s actual exchange rate to the current period’s result 2. Organic growth calculated as the growth from restated prior period earnings to current period earnings as a % of the restated prior period value. The restatement to the prior year value is to include the corresponding prior period performance of acquisitions and exclude the prior period performance of disposals 3. Adjusted EPS calculated based on weighted average shares in issue in December 2025 of 261.8m (December 2024: 273.0m). Performed above guided ROCE 16.3% Double-digit adjusted EPS growth 21% Organic gross profit growth across all three divisions 8.9%
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Divisional Performance 26 Diversified healthcare services business focused on higher margin opportunities Gross profit EBITDA €’m Growth % Organic Growth % Margin €’m Growth % Margin 131.9 8.5% 15.5% 19.1% 30.6 20.5% 4.4% 120.4 10.5% 10.5% 41.1% 49.1 8.9% 16.8% 205.4 4.2% 4.2% 9.8% 51.2 (3.3%) 2.5% Total 457.7 7.0% 8.9% 14.9% 130.9 6.0% 4.3% Divisional Composition 45% 26% 29% 2025 €457.7m GP 39% 38% 23% 2025 €130.9m EBITDA
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Net Bank Debt1 Analysis 1. Net bank debt represents the net total of current and non-current borrowings, cash and cash equivalents. 2. Other of c.€46.0m includes acquisition related costs of €32.1m, exceptional costs of €9.6m, dividends of €5.1m & FX movements on cash €0.8m; offset by offset by non-cash movement on debt -€1.2m & proceeds from sale of assets -€0.4m. YE 2024 EBITDA Net Working Capital Capex Strategic Capex Other2 YE 2025Tax €171.1m Net bank debt at 31 Dec 2025 €62.8m Capital Expenditure Lease Payments Finance Costs Share Buyback €129.7m Free cashflow (FCF %: 99.1%) 27 (147.7) 130.9 46.9 (25.1) (37.8) (16.6) (17.5) (23.1) (35.1) (46.0) (171.1)
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FCF Conversion 60-70% conversion at €200m 2028 Target 28 Free cash flow Free Cashflow (FCF) €’m FY’25 FY’24 EBITDA 130.9 123.5 Net Working Capital 46.9 49.5 Capital expenditure (25.1) (17.1) Lease payments (23.1) (25.6) FCF 129.7 130.3 FCF Conversion 99.1% 105.5% 1. Free cashflow is defined as EBITDA, less investment in working capital, less maintenance capital expenditure, less principal and interest payments on operating leases, less foreign exchange translation adjustment divided by EBITDA We target FCF1 conversion of 60-70% at €200m EBITDA Reported free cashflow during the period was 99.1%, helped by favourable working capital movements
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Capital Allocation & Investment Case 29
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Creating shareholder value 30 Discipline and balanced investment approach Net Bank Debt Not to exceed 2.5x in the medium-term • Balance sheet provides significant flexibility for the Group to execute on its strategy and meet its strategic goals Growth Through M&A • Fundamental component of compounding growth strategy • Active pipeline of acquisition opportunities • Subject to Group’s strict ROCE hurdle rate of 12% - 15% within three years Organic Investment • Continue to invest in infrastructure, digital platforms, strategic capex and talent to drive organic growth in line with new medium-term guidance Capital Allocation • Progressive dividend reflecting the expectation of future cash flow generation and the long-term earnings potential of the Group • Share buybacks subject to market conditions
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M&A: Pipeline focus 31 Acquisition Pipeline Criteria European distributors across core specialities Independent retail pharmacies Market Access Commercialisation platforms Specialist distributors Retention of management talent and expertise Cultural fit: Innovative and ambitious Target ROCE 12%-15% within 3 years Divisional focus
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Ambition to deliver €200m EBITDA by 2028 32 Dividend 12% - 15% ROCE Progressive dividend Dividend 60% - 70% FCF Conversion At €200m EBITDA Net Bank Debt / EBITDA not to exceed 2.5x We expect over 80% EBITDA growth to be organic Group guidance | medium term metrics €99m €200m SC&R Medtech Pharma M&A >80% organic growth 2022 EBITDA 2028 EBITDA ambition
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33 Investment Case Experienced senior team, tried and tested Strong track record Compelling market opportunity in all 3 divisions Each division has an attractive competitive moat Clear pathway for success Greater capabilities = bigger opportunities
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Appendices 34
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Balance Sheet (€’000) 31 Dec 2025 31 Dec 2024 Goodwill and acquired intangible assets 519,474 524,805 IFRS 16 Right of Use Asset 145,536 143,038 Other non-current assets 238,328 194,243 Total non-current assets 903,338 862,086 Inventory 295,276 201,582 Trade & other receivables 349,713 248,882 Total current assets 644,989 450,464 Non-current IFRS 16 lease obligations 135,285 132,612 Other non-current liabilities 1,885 8,984 Total non-current liabilities 137,170 141,596 Trade & other payables 812,518 598,817 Current IFRS 16 lease obligations 22,334 22,580 Total current liabilities 834,852 621,397 Net assets 576,305 549,557 Financed by: Net bank debt 171,139 147,676 Equity 405,166 401,881 Total financed by 576,305 549,557 Summary Management Balance Sheet1 35 Appendices 1. Balance Sheet based on management classifications, not in accordance with IFRS financial statements
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Return on Capital Employed 36 Appendices 1. ROCE is calculated as the adjusted 12-month rolling operating profit expressed as a percentage of the adjusted average capital employed for the same period. The average capital employed is adjusted to ensure the capital employed of acquisitions & divestments completed during the period are appropriately time apportioned in the calculation of the average capital employed 12-Month Rolling 31 December (€’000) FY'23 FY'24 FY'25 Numerator Rolling 12 months operating profit 81,989 76,875 Adjustment for exceptional costs 3,161 14,557 Amortisation of acquisition related intangibles 3,428 3,371 Adjusted 12 months operating profit 88,578 94,803 Denominator Total equity 333,620 401,881 405,166 Net bank debt 149,947 147,676 171,139 Deferred contingent consideration 75,061 39,182 10,240 Deferred consideration payable 100 - - Total capital employed 558,728 588,739 586,545 Average capital employed 573,734 587,642 Adjustment for acquisitions & divestments1 10,883 (4,971) Adjusted average capital employed 584,617 582,671 Return on capital employed 15.2% 16.3%
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Summary Group Financial Information 37 Appendices 1. Net of add back of depreciation charged in Cost of Sales 2. Adjusted EPS calculated based on weighted average shares in issue in Dec 2025 of 264.1m Twelve months ended 31 December (€’000) FY’25 FY'24 Reported % Growth Revenue 3,074,704 2,770,429 11.0% Gross profit 457,692 427,604 7.0% Overheads & operating income1 (326,783) (304,146) 7.4% EBITDA 130,909 123,458 6.0% Depreciation & amortisation (35,711) (35,364) 1.0% Share-based payment expense (3,766) (2,944) 27.9% Exceptional items (14,557) (3,161) 360.5% Operating profit 76,875 81,989 (6.2%) Net finance cost (including exceptional finance cost) (13,933) (6,395) 117.9% Income tax (11,815) (11,358) 4.0% Profit after tax 51,127 64,236 (20.4%) Non-controlling interest (39) (33) 18.2% Profit attributable to the owners 51,088 64,203 (20.4%) Basic EPS 19.5 23.5 (17.0%) Adjusted EPS2 (Like for Like) 24.8 21.3 16.4%
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EBITDA Reconciliation 38 Appendices EBITDA is earnings before interest, tax, depreciation, amortisation, share-based payments and exceptional items Twelve months ended 31 December (€’000) FY'25 FY'24 Operating profit pre-exceptional 91,432 85,150 Share-based payments 3,766 2,944 Depreciation 28,590 29,300 Amortisation 7,121 6,064 EBITDA 130,909 123,458
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39 Contact Details Allan Smylie Head of Strategy and Investor Relations +353 (0)1 428 7777 investor.relations@uniphar.ie Q4 PR Public Relations Adviser to Uniphar Iarla Mongey +353 (0)1 475 1444