Slides
Page 1
February 5, 2026 Phibro Animal Health Corporation Financial Results Fiscal Year2026 Second Quarter Ended December 31, 2025 Webcast and Conference Call February 5, 2026 U.S. toll-free +1.888.330.2022 International toll +1.365.977.0051 Conference ID: 3927884 Webcast and Conference Call
Page 2
February 5, 2026 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 December 31, 2025.
Page 3
February 5, 2026 Strong Performance in Animal Health 3 Webcast and Conference Call Q2 Total Animal Health sales and adjusted EBITDA growth of 26% and 41% Sales growth • MFAs and other Legacy -5% • MFAs and other Z -Product +156% • Nutritional specialties +9% • Vaccines +13% Strong continued demand for animal protein Key Themes Continued Sales Momentum Q2 Total Consolidated sales and adjusted EBITDA growth of 21% and 41% Sales growth • Animal Health +26% • Mineral Nutrition +9% • Performance Products -10% Q2 Total Legacy Business sales growth of 3% Updated 2026 guidance • Net sales of $1.450 billion to $1.500 billion • Adjusted EBITDA of $245 million to $255 million • Adjusted EPS of $2.93 to $3.10 • GAAP EPS $2.08 to $2.32 FY2026 Full Year Guidance
Page 4
February 5, 2026 Financial Performance - Consolidated Second 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 Q2 Q2 YOY FY25 FY26 %∆ Consolidated Net Sales 309.3$ 373.9$ 21% Net Income 3.2$ 27.5$ NA Diluted EPS 0.08$ 0.67$ NA Adjusted EBITDA 48.2$ 68.1$ 41% Adjusted Net Income 22.3$ 35.7$ 60% Adjusted Diluted EPS 0.55$ 0.87$ 58%
Page 5
February 5, 2026 Financial Performance – Animal Health Second 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. Q2 Q2 YOY FY25 FY26 %∆ Animal Health Net Sales 229.4$ 290.0$ 26% MFAs & other Legacy 113.6 108.0 (5%) MFAs & other Z-Product 36.7 94.1 156% Total MFA & other 150.3 202.1 34% Nutritional specialties 45.9 50.2 9% Vaccines 33.2 37.6 13% Adj. EBITDA 58.2$ 82.2$ 41% Adj. EBITDA Margin 25.4% 28.3% +290 bps
Page 6
February 5, 2026 Financial Performance – Other Segments Second 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 Q2 Q2 YOY FY25 FY26 %∆ Mineral Nutrition Net Sales 63.3$ 68.9$ 9% Adj. EBITDA 5.7$ 6.4$ 12% Adj. EBITDA Margin 9.0% 9.2% +20 bps Performance Products Net Sales 16.6$ 15.0$ (10%) Adj. EBITDA 1.9$ 0.8$ (56%) Adj. EBITDA Margin 11.4% 5.5% -590 bps Corporate Adj. EBITDA (17.6)$ (21.3)$ 21%
Page 7
February 5, 2026 Free Cash Flow (1) Leverage Free cash flow was $47 million for the TTM -- positive cash from operating activities of $93 million, less capital expenditures of $(46) million. Cash and cash equivalents of $74.5 million 3.1x gross leverage ratio; $737 million total debt / $235 million TTM adjusted EBITDA 2.8x net leverage ratio; $662 million debt / $235 million TTM adjusted EBITDA Key Capitalization Metrics December 31, 2025 Quarterly dividend of $0.12 per share; $4.9 million dividend paid Dividend 7 (1) Free cash flow equals cash flow from operating activities less capital expenditures TTM: trailing twelve months 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
Page 8
February 5, 2026 $ 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$ 1,450$ 1,500$ Net Income 48$ 75$ 85$ 85$ 95$ Diluted EPS 1.19$ 1.83$ 2.08$ 2.08$ 2.32$ Adjusted EBITDA 184$ 230$ 240$ 245$ 255$ Adjusted Net Income 85$ 108$ 115$ 120$ 127$ Adjusted Diluted EPS 2.09$ 2.64$ 2.81$ 2.93$ 3.10$ Adjusted Effective Tax Rate Range 25.0% FY 2026 Previous ~ 25% FY 2026 Updated ~ 25%
Page 9
PAHC Company Overview 9 Webcast and Conference Call Q&A February 5, 2026