Slides
Page 1
Improving animal health through science and technology for better lives October 2026 Q3 presentation
Page 2
Q3 Highlights Continued strong performance / Strong revenue and earnings growth / Continued double-digit organic growth / Improved cash flow from operations / Acquisition of Norfolk Medical Products – enters soft tissue surgery
Page 3
Page 4 Strong momentum in the third quarter 0 10 20 30 40 50 60 70 80 90 100 110 120 130 5 10 15 20 25 30 0 28.3 1Q25 25.4 2Q25 25.5 3Q25 26.1 4Q25 29.2 29.7 2Q26 29.2 3Q26 107.5 104.3 104.3 109.0 116.0 121.6 120.3 1Q26 +15% Q3 development / Net revenue / 15% revenue growth to EUR 120.3m / 11% organic growth with positive momentum across all segments / 3% contribution from acquisitions and 1% positive impact from currency movements / Adjusted EBITA / 14% adjusted EBITA growth to EUR 29.2m / Adjusted EBITA margin at 24.3% Revenue and Adj. EBITA x% Organic growth (%)x% Adj EBITA margin 26.3% 4% 24.3% 5% 24.5% 9% 24.0% 6% 25.2% 9% 24.5% 12% 24.3% 11%
Page 4
13.6 3Q25 13.8 4Q25 14.4 1Q26 15.4 2Q26 46.2 46.0 47.6 51.2 3Q26 15.2 50.3 Adj EBITA (EURm) Revenue (EURm) 30.3% Revenue and Adj. EBITA +12% Adj. EBITA growth +7% Organic revenue growth Specialty Pharma / 7 per cent organic growth with double-digit growth in the therapeutic areas Allergy, Dermatology and Specialty Pharmaceuticals / Launched next version of allergy test platform PAX / YoY profitability uplift driven by operating leverage and improved gross margin Page 5 29.5% Underlying momentum remains strong 30.0% 30.1% 30.3%
Page 5
Page 6 MedTech / 15 per cent organic growth with double-digit growth in both dental and orthopedics / Educated 1,300 veterinarians in the quarter to unlock market growth / Margin uplift driven by strong growth and improved gross margin in the dental business 23.7% Revenue and Adj. EBITA +20% Adj. EBITA growth +15% Organic revenue growth 8.8 3Q25 9.9 4Q25 11.9 1Q26 11.2 2Q26 37.1 40.1 43.9 43.3 3Q26 10.5 43.2 Adj EBITA (EURm) Revenue (EURm) Continued double-digit growth 24.6% 27.1% 25.8% 24.4%
Page 6
Page 7 Veterinary Services / 10 per cent organic growth and 12,400 member clinics by the end of Q3 / Officially entered the new markets Portugal and Japan / Margin improvement included positive effects in the quarter from mix and partner agreements Revenue and Adj. EBITA +28% Adj. EBITA growth +10% Organic revenue growth Adj EBITA (EURm) Revenue (EURm) 29.1% 4.6 3Q25 4.5 4Q25 4.8 1Q26 5.5 2Q26 15.8 16.8 17.5 19.4 3Q26 5.9 19.3 Momentum remains 26.6% 27.5% 28.2% 30.5%
Page 7
Page 8 Diagnostics / 13 per cent organic growth driven by extraction and PCR sales in livestock / Margin improvement driven by revenue growth, partly offset by investments to diversify into companion animal Revenue and Adj. EBITA 4.9% +111% Adj. EBITA growth +13% Organic revenue growth 0.3 3Q25 0.6 4Q25 1.0 1Q26 0.7 2Q26 5.2 6.1 7.1 7.7 3Q26 0.5 7.4 Adj EBITA (EURm) Revenue (EURm) Focus on companion animal 9.2% 13.8% 9.0% 7.2%
Page 8
Page 9 M&A developments Acquisition Segment Closing Revenues I-Vet Diagnostics March 2026 EUR 5.6m Favna Vet Services March 2026 EUR 4.3m VetSave Vet Services May 2026 EUR 1.7m Verona Pet Diagnostics July 2026 EUR 0.4m Norfolk MedTech November 2026 USD 6.9m / Five acquisitions year to date
Page 9
Page 10 / Norfolk Medical Products* in US – a specialist provider of implantable solutions for long-term or chronic interventions, including vascular access ports and products for urinary, pulmonary and fluid-management procedures / Adding annual revenues of around USD 6.9 million / Expanding MedTech offering into specialised soft tissue surgery / Complementary to existing offering with well-aligned operating model and opportunities for cross-sales Acquiring leading niche provider within soft tissue surgery *Products sold under the brand ”Norfolk Vet Products”
Page 10
Page 11 Creating a sustainable leader in animal health Animals We improve animal health through innovation, education, and responsible treatments. People We create a great place to work in an engaging and inclusive environment. Planet We minimize our environmental footprint by reducing emissions. Sustainability strategy Q3 Highlights / Completed employee engagement survey with maintained strong scores and eNPS of 35 / Held Global Leadership Conference 2026, gathering 100 leaders from across Vimian
Page 11
Third Quarter Financials2 Page 12
Page 12
Page 13 Q3 Income Statement / Operating profit (EBIT) grew 17% to EUR 20.5m / Items affecting comparability of EUR -2.1m (-1.7) / Net financial items of EUR -6.9m (-4.1) • Finance expense EUR – 4.2m – interest rate 4.0% • Quarterly discounting impact EUR -0.9m • Negative impact of EUR -2.2m from probability adjustments • Negative FX impact EUR -0.5m from revaluation of debt / Tax expense EUR – 4.3m (-6.6) EURm Q3 2026 July – Sept Q3 2025 July – Sept Net revenue 120.3 104.3 Adjusted EBITA 29.2 25.5 Adjusted EBITA margin (%) 24.3% 24.5% Items affecting comparability - 2.1 - 1.7 PPA related amortisation - 6.6 - 6.3 Operating profit (EBIT) 20.5 17.5 EBIT margin (%) 17.0% 16.8% Net financial items - 6.9 - 4.1 Profit before tax 13.6 13.4 Tax - 4.3 - 6.6 Profit for the period 9.3 6.8
Page 13
Page 14 Q3 Cash Flow / NWC EUR 116.4m at 25 per cent of revenue per end of September • Compared to end of June 2026, net working capital increased by EUR 2.3m / Cash flow from operating activities EUR 22.6m (10.8) / Cash flow from investing activities EUR -21.0m (-5.1) / Cash flow from financing activities EUR 2.4m (-22.0) EURm Q3 2026 July – Sept Q3 2025 July – Sept EBIT 20.5 17.5 Cash flow from operating activities before change in NWC 22.2 13.7 Change in NWC 0.3 - 2.9 Cash flow from operating activities 22.6 10.8 Cash flow from investing activities - 21.0 - 5.1 Cash flow from financing activities 2.4 - 22.0 Cash flow for the period 4.0 - 16.3 Cash and cash equivalents 55.6 51.3
Page 14
Page 15 Net Debt and Leverage / Net debt per 30 September 2026 EUR 262.4m / Cash and cash equivalents EUR 55.6m / Net Debt / LTM Proforma Adjusted EBITDA 2.0x Leverage Net Debt (EUR m) 222 212 261 254 245 258 274 262 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 2.0x 4Q24 1.8x 1Q25 2.1x 2Q25 2.1x 3Q25 2.0x 4Q25 2.1x 1Q26 2.1x 2Q26 2.0x 3Q26
Page 15
Page 16 / Continued strong performance / Five acquisitions closed year-to-date / Clear progress across strategic initiatives / Well-positioned to continue delivering sustainable, volume-led growth combined with value-creative M&A / Strategy deep-dive on Capital Markets Day 24 November Concluding remarks