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November 6, 2025 Phibro Animal Health Corporation Financial Results Fiscal Y ear2026 First Quarter Ended September 30, 2025 Webcast and Conference Call November 6, 2025 U.S. toll-free +1.888.330.2022 International toll +1.365.977.0051 Conference ID: 3927884 Webcast and Conference Call
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November 6, 2025 Important Information 2 Webcast and Conference Call Cautionary Statement Regarding Forward-Looking Statements This communication contains forward-looking statements that are subject to risks and uncertainties, including with respect to any future debt and leverage levels. All statements other than statements of historical or current fact included in this presentation are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These statements are not guarantees of future performance or actions. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Phibro expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements” and “Risk Factors.” These filings and subsequent filings are available online at www.sec.gov, www.pahc.com, or on request from Phibro. Non-GAAP Financial Measures We use non-GAAP financial measures, such as adjusted EBITDA, adjusted net income, adjusted diluted EPS and free cash flow to assess and analyze our operational results and trends and to make financial and operational decisions. Management uses adjusted EBITDA as its primary operating measure. We report adjusted net income to portray the results of our operations prior to considering certain income statement elements. We believe these non-GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non-GAAP financial measures included in this presentation should not be considered alternatives to measurements required by GAAP, such as net income, operating income, and earnings per share, and should not be considered measures of liquidity. These non-GAAP financial measures may not be comparable with non-GAAP information provided by other companies. Reconciliation of non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this presentation and/or our Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Reported results are presented in accordance with GAAP, whereas adjusted results are GAAP results adjusted to exclude a) acquisition-related items, including intangible amortization, cost of goods sold and transaction costs, b) unusual, non-operational or non-recurring items, including stock-based compensation and restructuring costs, c) other (income) expense as separately reported in the consolidated statements of operations, including foreign currency (gains) losses, net and d) income tax effects related to pre-tax adjustments and unusual or non-recurring income tax items. We are not providing a reconciliation of forward-looking guidance of non-GAAP financial measures to the most directly comparable GAAP financial measures because of the uncertainty regarding, and the potential variability of, certain of the items required for a reconciliation; accordingly, a reconciliation of the non-GAAP financial measure to the corresponding GAAP financial measure is not available without reasonable effort. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. Internet Posting of Information We routinely post information that may be important to investors in the “Investors” section of our website at www.pahc.com. We encourage investors and potential investors to consult our website regularly for important information about us. This presentation is a supplement to, and should be read in conjunction with, Phibro Animal Health Corporation’s earnings release for the quarter ended September 30, 2025.
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November 6, 2025 Strong Performance in Animal Health 3 Webcast and Conference Call Q1 Total Animal Health sales and adjusted EBITDA growth of 55% and 85% Sales growth • MFAs and other +81% • Nutritional specialties +13% • Vaccines+25% Q1 Animal Health Legacy Business sales growth of 11% • Legacy MFAs and other 6% Strong demand for animal protein Key Themes Continued Sales Momentum Q1 Total Consolidated sales and adjusted EBITDA growth of 40% and 102% Sales growth • Animal Health+55% • Mineral Nutrition+7% • Performance Products -7% 2026 guidance • Net sales of $1.425 billion to $1.475 billion • Adjusted EBITDA of$230 million to $240 million • Adjusted EPS of $2.64 to $2.81 • GAAP EPS $1.83 to $2.08 FY2026 Full Year Guidance Launch of Restoris™, a breakthrough licensed therapeutic proprietary compound for canine periodontal care License of an early-stage drug compound targeting periodontal disease Advances in Companion Animal Oral Care
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November 6, 2025 Financial Performance - Consolidated First Quarter, Year-on-Year comparison Year-On-Year % changes are in comparison to the same period of the prior fiscalyear Adjusted results adjust GAAP results for one-off items, acquisition-related items and other (income) expense, including foreign currency (gains)losses. $ in millions, except per sharedata 4 Webcast and Conference Call Q1 Q1 YOY FY25 FY26 %∆ Consolidated Net Sales 260.4$ 363.9$ 40% Net Income 7.0$ 26.5$ NA Diluted EPS 0.17$ 0.65$ NA Adjusted EBITDA 30.7$ 61.9$ 102% Adjusted Net Income 14.1$ 29.8$ 112% Adjusted Diluted EPS 0.35$ 0.73$ 108%
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November 6, 2025 Financial Performance – Animal Health First Quarter, Year-on-Yearcomparison $ in millions 5 Webcast and Conference Call Year-On-Year % changes are in comparison to the same period of the prior fiscalyear Adjusted results adjust GAAP results for one-off items, acquisition-related items and other (income) expense, including foreign currency (gains)losses. Q1 Q1 FY26 YOY Q1 FY26 FY26 YOY FY25 Legacy %∆ New MFA Total %∆ Animal Health Net Sales 182.5$ 203.0$ 11% 80.5$ 283.5$ 55% MFAs & other 107.8 114.7 6% 80.5 195.2 81% Nutritional specialties 42.6 48.2 13% N/A 48.2 13% Vaccines 32.0 40.1 25% N/A 40.1 25% Adj. EBITDA 40.4$ 160.1$ 296% #VALUE! 74.9$ 85% Adj. EBITDA Margin 22.1% 78.9% +60 bps #VALUE! 26.4% +430 bps
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November 6, 2025 Financial Performance – Other Segments First Quarter, Year-on-Yearcomparison $ in millions Year-On-Year % changes are in comparison to the same period of the prior fiscalyear Adjusted results adjust GAAP results for one-off items, acquisition-related items and other (income) expense, including foreign currency (gains)losses. 6 Webcast and Conference Call Q1 Q1 YOY FY25 FY26 %∆ Mineral Nutrition Net Sales 59.1$ 63.0$ 7% Adj. EBITDA 3.8$ 4.5$ 20% Adj. EBITDA Margin 6.4% 7.2% +80 bps Performance Products Net Sales 18.8$ 17.4$ (7%) Adj. EBITDA 2.3$ 1.6$ (30%) Adj. EBITDA Margin 12.1% 9.2% -290 bps Corporate Adj. EBITDA (15.8)$ (19.1)$ 21%
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November 6, 2025 Free Cash Flow (1) Leverage (2) Free cash flow was $34 million for the TTM -- positive cash from operating activities of $77 million, less capital expendituresof $(43) million. Cash and cash equivalents of $85 million 3.3x gross leverage ratio; $749 million total debt / $227 million TTM adjusted EBITDA 2.9x net leverage ratio; $664 million debt / $227 million TTM adjusted EBITDA Key Capitalization Metrics September 30, 2025 Quarterly dividend of $0.12 per share; $4.9 million dividendpaid Dividend 7 (1) Free cash flow equals cash flow from operating activities less capital expenditures TTM: trailing twelve months (2) The trailing 12-month EBITDA includes the Zoetis Inc, acquired Medicated Feed Additive portfolio, and certain water-soluble products assets on October 31, 2024, which represents one month of Zoetis history and 11 months from Phibro ownership. Webcast and Conference Call Our debt is hedged with Interest Rate Swaps as follows: 1) $150 million of debt at fixed interest rate of 3.18% + margin through September 2029; and 2) $275 million of debt at fixed interest rate of 3.64% + margin through February 2030. In addition, we entered a Forward Starting Interest Rate Collar starting in July 2025 for $250 million with an interest rate cap and floor of 4.75% and 1.99%, respectively, through June 2026. Interest Rates
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November 6, 2025 $ in millions, except earnings per share (EPS) data 8 Webcast and Conference Call Financial Guidance – Phibro Fiscal Year 2026 FY 2025 Actual Low High Low High Consolidated Net Sales 1,296$ 1,425$ 1,475$ 1,425$ 1,475$ Net Income 48$ 73$ 83$ 75$ 85$ Diluted EPS 1.19$ 1.79$ 2.03$ 1.83$ 2.08$ Adjusted EBITDA 184$ 225$ 235$ 230$ 240$ Adjusted Net Income 85$ 103$ 110$ 108$ 115$ Adjusted Diluted EPS 2.09$ 2.52$ 2.70$ 2.64$ 2.81$ Adjusted Effective Tax Rate Range 25.0% FY 2026 Previous ~ 25% FY 2026 Updated ~ 25%
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PAHC CompanyOverview 9 Webcast and Conference Call Q&A November 8, 2025