Eurofins Scientific Se · EURONEXT:ERF
Eurofins Scientific — Investor Day (November 2025)
67 slides from Eurofins Scientific's investor day presentation, Nov 13, 2025
Slide 1: 2025 North America Investor Day
CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd, 2025. All rights reserved. This document contains information that is confidential and proprietary to Eurofins Scientific SE and / or its affiliates and is solely for the use of the personnel of Eurofins Scientific SE and all its af
Slide 2: Disclaimer
Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase securities in Eurofins Scientific S.E. and neither this document nor anything contained or referred to in it shall form the basis of, or be relied on
Slide 3: CEO Presentation
CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd, 2025. All rights reserved. This document contains information that is confidential and proprietary to Eurofins Scientific SE and / or its affiliates and is solely for the use of the personnel of Eurofins Scientific SE and all its af
Slide 4: Eurofins: The World Leader in Testing for Life
Eurofins: The World Leader in Testing for Life Key Figures 35+ years of value creation • Long-term track record of turning investments into growth, productivity, margin expansion and Return on 950+ Capital Employed laboratories 450,000,000+ tests performed each year • Competitive advantages based on
Slide 5: Eurofins' performance in 2024 demonstrated resumption of pre-COVID profit and cash flow growth trends
Eurofins' performance in 2024 demonstrated resumption of pre-COVID historic profit and cash flow growth trends CAGR Δ 20193 20193 2020 2021 2022 2023 2024 20193- to 2024 2024 Revenues (m€) 4,563 5,439 6,718 6,712 6,515 6,951 +52% +9% (COVID revenues) (~€800m) (~€1,400m) (~€600m) Adj. EBITDA (m€) 931
Slide 6: Trajectory continuing in 2025, demonstrating progress to our target financial profile
Trajectory continuing in 2025, demonstrating progress to our target financial profile Key figures H1 H1 In €m except otherwise stated +/- % 2024 2025 Revenues 3,419 3,612 +5.7% On track for organic growth guidance of mid-single- Organic Growth +3.9%1 digit in 2025, with expected acceleration in H2 A
Slide 7: Continued strong secular growth outlook in all Eurofins activities
Continued strong secular growth outlook in all Eurofins activities Long-term objective: 6.5% p.a. average organic growth Revenue share Organic growth Activities in H1 2025 Growth drivers outlook • Rising awareness and demand for food safety & quality • Food and Feed Testing and contamination & pollu
Slide 8: Europe is starting to close the profitability gap
Europe is starting to close the profitability gap – further opportunities from network leverage and IT costs in spite of significant start-up costs Europe North America Rest of the World 40% 40% 40% COVID revenue peak COVID revenue peak COVID revenue peak 30% 30% 30% 20% 20% 20% 10% 10% 10% 0% 0% 0%
Slide 9: Headwind from recent investments also reducing as non-mature assets ramp
Headwind from recent investments also reducing as non-mature assets ramp Mature scope Non-mature scope Total (€m) FY 2023 FY 2024 H1 2025 FY 2023 FY 2024 H1 2025 FY 2023 FY 2024 H1 2025 Revenues 6,189 6,555 3,361 325 396 251 6,515 6,951 3,612 Reported EBITDA 1,326 1,511 793 -92 -71 -20 1,234 1,439 7
Slide 10: Allocating growth capital with high incremental returns, with minimal external capital requirements
Allocating growth capital with high incremental returns, with minimal external capital requirements CAGR 20191 2023 2024 H1 2025 20193-2024 Adjusted EBITAS (m€) 574 842 1,017 531 +12% Capital discipline: Capital Employed (m€) 6,304 8,085 8,338 8,488 +6% ~22% return on Returns ROCE (%) 9.1% 10.4% 12.
Slide 11: Moving to self-financing of all needs, by increasing cash conversion
Moving to self-financing of all needs, by increasing cash conversion and disciplined use of capital FY 2023 FY 2024 Δ Δ% €m €m €m Reported EBITDA 1,234 1,439 • Eurofins was self-financing before share Change in net working capital (NWC) -65 44 buybacks in 2024, with improvement Income taxes paid -14
Slide 12: Credit profile remains strong and maturities extended through successful long-term refinancings
Credit profile remains strong and maturities extended through successful long-term refinancings Leverage1 Debt maturity profile2 (€m) Key Highlights Target range Hybrid (1st call) Eurofins’ balance sheet remains very solid FY 2027 as of the end of June 2025: 1.5x-2.5x objective: Schuldschein 2.1x to
Slide 13: Mid-term objectives – continued improvement in profitability and cash flow
Mid-term objectives – continued improvement in profitability and cash flow, with lower cost of growth • Long-term average organic growth target of 6.5% p.a. and potential average revenues from acquisitions of Revenue growth €250m p.a. over the period consolidated at mid-year. • Adj. EBITDA margin1 o
Slide 14: Actions have been taken on subjects of greatest importance to key stakeholders
Actions have been taken on subjects of greatest importance to Eurofins’ key stakeholders Subjects Actions taken • Following a shareholder vote at the 2025 Annual General Meeting, Eurofins increased the proportion of independent, non- executive directors on its Board of Directors to 67% by appointing
Slide 15: Summary
Summary Continued strong secular growth outlook in all Eurofins activities; mid-term Biopharma outlook is strong beyond current market headwinds Financial performance showing return to pre-COVID profit and cash flow trends Demonstrating leverage from volume and personnel costs across regions Further
Slide 16: Food & Feed Testing North American Laboratories Network
CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd, 2025. All rights reserved. This document contains information that is confidential and proprietary to Eurofins Scientific SE and / or its affiliates and is solely for the use of the personnel of Eurofins Scientific SE and all its af
Slide 17: Best-in-class Hub-and-Spoke network of laboratories in North America
Eurofins Food & Feed Testing National business line has built and operates the best-in-class Hub-and-Spoke network of laboratories in North America Des Moines, IA Madison, WI HUB Madison, WI New Orleans, LA LABORATORIES Toronto, ON Toronto, ON Los Angeles, CA Minneapolis, MN Fresno, CA Madison, WI B
Slide 18: North American 3rd party food testing is a ~$2.8bn market
North American 3rd party food testing is a ~$2.8bn market with tailwinds that accelerated through the pandemic NA 3rd Party Testing & Services $ Billion est 2025 Relevant market trends 2.8 • Supplement/Nutraceutical production ~2x market CAGR since pandemic with desire for healthier, functional food
Slide 19: Eurofins is the clear leader in North America
Eurofins is the clear leader in North America because of our differentiated breadth, science and reputation Competitors Eurofins’ market share1 Small local players1 Other major players #1 share ~2/3 share Chemistry Microbiology Services Science & Reputation Contaminants Nearly 100 years of expertise
Slide 20: Our market position is strong because of many nodes in our network
Our market position is strong because of many “nodes” in our network and support systems are difficult to copy Example: Des Moines Vitamin A Testing • Have built scale of ~50 samples per day from 5+ decades of winning small orders • Very low marginal cost, daily batches • Low desire to switch: high
Slide 21: Network effects, segment focus, start-ups and acquisitions lead to profitable growth
Network effects, segment focus, start-ups, and measured, effective acquisitions lead to market++ profitable growth North America Food & Feed Testing revenues 500 450 Covance 400 Food Sol. • Covance acquisition yielded instant leadership in acquisition 350 supplements, a segment very accretive to gro
Slide 22: Capex needs are lower and falling with hubs complete
Capex needs are lower and falling with hubs complete; cash improvement amplified by labour productivity gains 400000000 2020 increase 57% increase in due to Madison revenues/FTE investment 2016-25E 350000000 350000000 15% 270000 300000000 300000000 250000 250000000 250000000 200000000 10% 200000000
Slide 23: Significantly enhanced productivity of Food & Feed Testing laboratory footprint
Significantly enhanced productivity of Food & Feed Testing laboratory footprint U.S. Food & Feed Testing: U.S. Food & Feed Testing: Revenue per sqm Sqm footprint/FTE 64% increase 2020-25 21% decrease 2020-25 2020 2021 2022 2023 2024 2025E 2020 2021 2022 2023 2024 2025E • Better utilization of labora
Slide 24: Start-ups continue to provide growth, reaching profitability more quickly
Start-ups continue to provide growth, with the latest ones reaching profitability more quickly We have been able to add start-ups that …and we have become much better at returning grow, even as we gain share… investment quickly Revenue by year, since lab opening EBITDA by year, since BU start Break-
Slide 25: Better matching of facility and market requirements has reduced break-even timing
Better matching of facility and market requirements has greatly reduced break-even timing for spoke investments Louisville Spoke Omaha Spoke • Start-up in 2017 • Start-up in 2025 • Net floor area: 835 sqm • Net floor area: 500 sqm • Break-even: years • Break-even: months • Rented small facilities wi
Slide 26: Accretive acquisition opportunities: Barrow Agee
Accretive acquisition opportunities are also available as PE firms exit: Barrow Agee is a good example How is it possible to acquire a company …which becomes a good investment for Eurofins? that was losing money with negative ROI… Private Equity Owned Eurofins Owned ~3x less than Investment* Investm
Slide 27: Scale and test overlap enable high ROI consolidation
Scale and test overlap enable high ROI consolidation Key facets of the target company which enable incremental cash flow inside Eurofins: ✓ Ownership which cannot extract value from scale…. • Barrow Agee owned by Private Equity for 4 years, lost #1 client from loss of founder • Single site, dedicate
Slide 28: We expect continued above-market growth with speed and quality
We expect continued above-market growth with speed, and quality standards hard to match without our scale Performance area One-stop shop • Hyper local microbiology laboratories (e.g. meat/produce/supplements) coverage • Retailer supplements support: testing, certification for thousands of suppliers
Slide 29: Summary
Summary Operating best-in-class Food & Feed Testing laboratories network in N. America Provide most comprehensive offering, and deliver above-market growth from hard-to-copy network Market Accelerate sales from start-up programs, and prudent M&A leadership Drive returns through completed hub network
Slide 30: Eurofins Environment Testing U.S.
CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd, 2025. All rights reserved. This document contains information that is confidential and proprietary to Eurofins Scientific SE and / or its affiliates and is solely for the use of the personnel of Eurofins Scientific SE and all its af
Slide 31: Agenda
Agenda US Market Overview Macro Trends Market Overview Market Drivers Eurofins Environment Testing in the U.S. Locations & Organizational Structure Geographic Orientation – Hub & Spoke Model PFAS Orientation, Investment & Evolution Sector/Segments/Clients Growth & Margin ESG Participation Scorecard
Slide 32: US Market Overview
US Market Overview CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 32
Slide 33: U.S. Environment market overview
U.S. Environment market overview Env. Sectors Env. Services Env. Testing Circa 30% of Eurofins Env. $111.2B market to be Testing U.S. consolidated $2.3B 37% $537B 48% $256B ~$2.3B USEPA enacted budget $9.2B Testing ~1% of services $17.1B Testing ~5% of (<2% of sector spend) Consulting & Engineering
Slide 34: Environment Testing Market Drivers
Market drivers Environmental Impact, Social & Corporate Responsibility/Governance ESG underpins the market for measuring Environmental Impact, Social Responsibility and Governance Practices. Demand for measurement of corresponding metrics translates to demand for testing. Environment Testing Litigat
Slide 35: Federal funding is in the spotlight, but expected Defense PFAS spend is rising
Federal funding is in the spotlight, but expected Defense PFAS spend is rising, and EPA spend is <2% of sector Department of Defense - PFAS EPA budget being cut, but represented <2% of US Env. Sector Spend in 2024 Estimated Requested Current budget being cut… …but expected PFAS costs rising • Overal
Slide 36: 2025 Administration agenda prioritises economic growth, with some new testing opportunities
2025 Administration agenda prioritises economic growth, with some new testing opportunities FIVE PILLARS OVERVIEW KEY REGULATORY ACTIONS BUSINESS IMPACT ASSESSMENT Permitting & Enforcement State & New Sector Opportunities Opportunity Clean Air, Land & Water • Streamline air permitting processes Shif
Slide 37: Eurofins Environment Testing in the U.S.
Eurofins Environment Testing in the U.S. CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 37
Slide 38: Eurofins Environment Testing Laboratories Network USA
Eurofins Environment Testing Laboratories Network USA 74 ~3,200 550+ Laboratory Staff Accreditations locations (2024) & Certifications CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an author
Slide 39: Investing in Network Growth to drive Productivity
Investing in Network Growth to drive Productivity 13 laboratories South Bend Chicago Concord expansion/relocation to 73K sq ft 35K sq ft 30K sq ft state-of-the-art site projects Expansion, Renovation New Build, Relocation Expansion, Renovation completed 2025 or scheduled Q4 2025 COMPLETE Q2 2027 Q4
Slide 40: Geographic Orientation + Hub & Spoke model
Eurofins Environment Testing U.S. Geographic Orientation + Hub & Spoke model WEST CENTRAL EAST Contaminated Site & Remediation Laboratories National Hubs Specialty Hubs Regional Centers Lancaster, PA Sacramento, CA Chicago, IL Tustin, CA Denver, CO Houston, TX St. Louis, MO Atlanta, GA Drinking Wate
Slide 41: Largest PFAS testing laboratory network in the US
Largest PFAS testing laboratory network in the US: Scale, Efficiency and Technical Leadership Efficiency: PFAS samples processed Leading scale in US PFAS testing Eurofins industry technical leadership at Eurofins USA laboratories • Eurofins is the global leader in PFAS Biomonitoring testing, includi
Slide 42: Addressing PFAS: evolution of the science
Addressing PFAS: evolution of the science PFOA & PFOS 7 PFAS 40 PFAS 75 PFAS 100 PFAS TOP1 Assay TOF2 NTA3 An ever-expanding number of matrices/substrates under investigation and an ever-expanding number of technologies (investment) to make identifications CONFIDENTIAL AND PROPRIETARY - © Eurofins S
Slide 43: Broad-based revenue profile across tests, industries and customers
Broad-based revenue profile across tests, industries and customers Net sales by Net sales by Diversified sector market segment customer mix ~17,500 clients Top 50 >15% YoY sales growth Clients 13% 15% 33% of Net 18% 16% for top 25 clients 21% Sales 9% Key highlights 9% • Diverse client base across t
Slide 44: Tailwind and strategy for accelerating revenue growth
Tailwind and strategy for accelerating revenue growth US Environment Testing Network Strong revenue growth • Leader position in largest Environment Testing market in the 6-year world (Market Estimate $2.4 pa @ Organic 2025*) Growth CAGR • >100% total growth over past 6 +7.5% years (~2/3 of which is
Slide 45: Hub & Spoke Model: The Engine that Powers Margin Accretion
Hub & Spoke Model: The Engine that Powers Margin Accretion HUB SPOKE Key Trends 10% 28% 6% 15% 6-year Net Sales CAGR 6-year EBITDA CAGR 6-year Net Sales CAGR 6-year EBITDA CAGR Net Sales ‘19 Act → 40% (2019 → Inner circle) (2025 → Outer circle) ’25 FCT → 45% % of Net Sales from Hub Labs EBITDA (2019
Slide 46: Operational Improvement Driving Margin Accretion
Operational Improvement Driving Margin Accretion +1200bps of margin expansion from 2019 to 2025F Key drivers of savings Consumables Personnel • Productivity via automation • IT process streamlining • Consolidation of workstreams Consumables Cost/Sales Ratio • Centralized procurement • Method optimiz
Slide 47: Service leadership = market share: Turnaround Time performance
Service leadership = market share: Turnaround Time performance 60% improvement 40% improvement 100 in 95th percentile in median Turnaround time for reporting results on 50% turnaround time turnaround time and 95% of samples, indexed to 100 in 2022 80 60 40 20 0 2022 2023 2024 2025 TAT-50 TAT-95 CONF
Slide 48: Positive ESG Initiatives – Participating and Saving
Positive ESG Initiatives – Participating and Saving Solar Initiatives Voluntary Employee Turnover Microextractions Tustin = In Permitting LTM August 2023 to 2024 – 110 bps Improvement DCM Utilization vs.number of SVOA samples Pomona = In Permitting Barberton = Awarded & In Design LTM August 2024 to
Slide 49: Sample Lifecycle Digitalization: Sampling to Reporting
Sample Lifecycle Digitalization: Sampling to Reporting Eurofins Environment Testing joined EarthSoft Tools for self service Business Partner Program, aligning with EQuIS digital workflows. Mobile optimized eCOC and sampling Standards & Governance • Secure, web-based entry from mobile or desktop. Sta
Slide 50: Automated Intelligent Data Quality for Review & Report Delivery
Automated Intelligent Data Quality for Review & Report Delivery = Efficiency & Productivity Data Review Checker Post-Review Automation Enhanced data integrity by automating the detection of Automatically compiles deliverables once lab data is approved. inconsistencies and utilizing a dual-review pro
Slide 51: What's Next?
What’s Next?... Microplastics (6 Centers Globally) • US: Morphology based technology Instruments: Raman Spectroscopy & Infra Red (IR) • EU: Mass based technology Instruments: GC-pyrology • APAC: Morphology based technology Instruments: Laser Detect Infra Red (LDIR) Fourier Transfer Infra Red (FTIR)
Slide 52: Summary
Summary Long-term GDP+ growth profile, with attractive market structure and diverse customer base Apolitical focus on sustaining regulation and growth, and includes some additional opportunities Well positioned to capture ongoing PFAS opportunity, with established scale, process efficiency and techn
Slide 53: BioPharma Services
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Slide 54: Leading Global BioPharma Network
Leading Global BioPharma Network 89 laboratories ~192,000 ~137,000 m2 m2 Leader in significant markets 38 laboratories Europe • Global leader in BioPharma Product Testing • Global leader in Discovery Pharmacology Services • Global leader in Agroscience CRO Services North America 147 laboratories in
Slide 55: BioPharma Services evolution
BioPharma Services evolution Started Select milestones / acquisitions Market position today 2011: Global infrastructure established (US, 2001 Central Laboratory / Bioanalytical Acquisitions: Netherlands, Singapore, China, India) Among top 5 global players 2005 Genomic Services Acquisitions: Among to
Slide 56: Eurofins BioPharma services span the complete product development cycle
Eurofins BioPharma services span the complete product development cycle File NDA, Launch File IND BLA, MAA Product PRECLINICAL / CLINICAL RESEARCH DISCOVERY APPROVAL COMMERCIAL EARLY DEVELOPMENT & DEVELOPMENT Assess Long-Term Verify Safety, Assess Safety and Biological Assess Safety. Dosage & Effect
Slide 57: Clients & Peers
Clients & Peers Major Biopharma companies Innovative biotech Clients1 + regional & local players Typical contractual ➢ Product Testing: annual master service agreements relationship: ➢ Research & Development Services: project-based agreements Peers + regional & local competitors CONFIDENTIAL AND PRO
Slide 58: Market Update
Market Update CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 58
Slide 59: Robust long-term demand drivers: growth in R&D pipelines and mix shift to biologics
Robust long-term demand drivers: growth in R&D pipelines, and mix shift to higher-value biologics Total industry R&D pipeline size ~6% CAGR in # of candidates Opportunity for Eurofins 2009-25 23,875 25,000 22,825 Long-term growth in number of Biopharma projects 21,292 20,109 is ahead of GDP, driven
Slide 60: Eurofins increased share of R&D wallet and grew revenue above total spending
Eurofins has been also able to increase share of R&D wallet, and grow revenue above total spending Drivers of increased share BioPharma client R&D spend1: Increased share of wallet reflects long-term trend to Data for 5 key clients, indexed to 2015 more outsourcing of R&D services 2024 reflects prev
Slide 61: Biopharma segments: Strong growth in largest part of portfolio
Biopharma segments: Strong growth in largest part of portfolio; easing comps into 2026 for smaller businesses Commentary €m Global BioPharma revenues BioPharma Product Testing and others1 • Organic growth accelerated in H1 2025, with solid growth in North America as Eurofins 1,010 1,042 976 995 1,00
Slide 62: Delivering Value to our Clients
Delivering Value to our Clients CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 62
Slide 63: Industry continues to make major investments, with onshoring creating opportunities
Industry continues to make major investments, with onshoring drive creating opportunities for Eurofins Examples of Biopharma industry onshoring announcements Announced manufacturing, research and development, and • Multiple Pharma and Biotech manufacturers 21 March 2025 technology investments of mor
Slide 64: BioPharma Product Testing Footprint Strategy in North America
BioPharma Product Testing Footprint Strategy in North America Heat map of addressable customers for BioPharma Product Testing • >4,000 addressable customers in the US • We currently service 1,200 • Smaller regional customers value local relationships and nearby access to the laboratory • Infinity La
Slide 65: Eurofins Discovery solutions for Obesity and Diabetes
Eurofins Discovery provides a wide portfolio of solutions for Obesity and Diabetes discovery and development Solutions for a high-growth category: Anti-obesity drugs market size projection 2023-2034 (US$ billion) 78.5 61.8 48.6 38.3 30.1 23.7 14.7 18.7 9.1 11.6 5.6 7.2 2023 2024 2025 2026 2027 2028
Slide 66: CDMO capacity and capability expansion
CDMO capacity and capability expansion: to provide fully integrated services offering Toronto Large Scale API Manufacturing Expansion • 1st plant completed 2024. Multiple 2,000L reactors installed • Plant capacity is nearly fully sold for next several years • Site can accommodate two additional plan
Slide 67: Summary
Summary Attractive long-term demand drivers of therapeutic innovation, with increasing mix of higher value categories Trend to increased outsourcing has driven growth above total customer R&D spend Solid organic growth continuing in Product Testing and CDMO; comparators easing in Ancillary and Disco