Slide 1: Full-Year 2024 Results Presentation
Full-Year 2024 Results Presentation 04 March 2025
Slide 2: Forward looking statements
Forward looking statements Certain information contained in this press release is forward looking and not historical data. These forward-looking statements are based on opinions, projections and current assumptions including, but not limited to, assumptions concerning the Group’s current and future
Slide 3: Presenting today
Presenting today David Seignolle Olivier Falut Chief Executive Officer Chief Financial Officer Introduction Full-year 2024 Consolidated Update on Focus-27 Accounts 2025 Outlook and conclusion P. 3
Slide 4: Introduction
Introduction David Seignolle Chief Executive Officer P. 4
Slide 5: EUROAPI in 2024: Key take aways
EUROAPI in 2024 Key take aways Operational Lower volumes from Sanofi partially offset by encouraging commercial momentum resilience amid (5-year CMO contract with a global animal health company signed) adverse Shipments resumed and production up and running in Brindisi environment Improved agility a
Slide 6: EUROAPI in 2024: Key operational figures
EUROAPI in 2024 Key operational figures Net Sales Core EBITDA CAPEX €911.9m €50.4m €108.0m -10.0% Sanofi Core EBITDA Net Sales €422.2m margin 5.5% 11.8% -10.7% Other Clients Growth Capex €489.7m 53% -9.4% P. 6
Slide 7: Short and long-term financing secured or on-track
Short and long-term financing secured or on-track 1 2 3 4 Working Capital €54 M capacity Improvement reservation from Sanofi Approximately €140M for five selected expected between 2024 Revolving Credit Hybrid Bond products manufactured and 2027 Facility by EUROAPI € 200M Perpetual €451M Revolving Cr
Slide 8: Key Non-Financial figures
2024 Key Non-Financial figures Total GHG intensity (t CO2 eq/Mn€ - Market Based) % of Solvent Recycled 813 74% 71% 693 2023 2024 2023 2024 Women in Extended Leadership team (% of total workforce) Total Recordable Injury Frequency (per 1m hours worked) 35.9% 4.6 34.2% 2.8 P. 8 2023 2024 2023 2024
Slide 9: Consolidated Accounts
Consolidated Accounts Olivier Falut Chief Financial Officer P. 9
Slide 10: Full Year 2024 Consolidated Net Sales
Full Year 2024 Consolidated Net Sales API Solutions - (8.8%) CDMO - (13.1%) 1,013.2 M€ (7.4%) restated from the suspension of production in Brindisi (7.0%) restated from the suspension of production in Brindisi 911.9 M€ CDMO -10.0% Other 180.5 Clients -57.7 M€ -6.2 M€ 7.4 M€ -1.7% 44.9 M€ 135.6 CDMO
Slide 11: Full Year 2024 - Focus on CDMO commercial activity
Full Year 2024 - Focus on CDMO commercial activity 16 new projects, including 5 in late-stage -8 + 16 69 projects - 12 -7 58 projects Phase 1 17 and earlier 14 Phase 2 9 Projects successfully completed and pending Projects completed with Pre-carve-out commercial 9 12 New projects negative pre-clinic
Slide 12: Full Year 2024 Core EBITDA
Full Year 2024 Core EBITDA – strong impact of unfavorable fixed cost absorption Rounded figures 0.8 pts 9.2% 0.8 pts 1.0 pts -0.4 pts 0.8 pts -2.6 pts -2.4 pts -0.3 pts 5.5% -1.4 pts P. 12
Slide 13: Full Year 2024 From Net Sales to Core EBITDA
Full Year 2024 From Net Sales to Core EBITDA In € millions FY-2024 FY-2023 Net sales 911.9 1,013.2 Gross profit 142.4 164.6 Gross profit margin 15.6% 16.2% €87.1 million in exceptional items linked to FOCUS-27 plan, of which Core EBITDA 50.4 93.1 • €62.5 million of idle costs, including the ramp-dow
Slide 14: Full Year 2024 From EBITDA to Net Income and EPS
Full Year 2024 From EBITDA to Net Income and EPS In € millions FY-2024 FY-2023 EBITDA (43.6) 68.6 Depreciation and Amortization (58.0) (76.5) Impairment of Assets (18.8) (226.4) 2024 Financial Result includes €4.8 million of transaction costs linked to renewal of the Revolving Operating Income (120.
Slide 15: Decrease in inventories and improved cash collection
Full Year 2024 Decrease in inventories and improved cash collection Inventory - Months on Hand1 Receivables – DSO2 7.3 7.6 6.9 70 56 39 FY 2022 FY 2023 FY 2024 FY 2022 FY 2023 FY 2024 1. MOH: Months on Hand-Inventories in value on Net Sales 2. DSO: Receivables in Day of Sales P. 15
Slide 16: Full Year 2024 CAPEX
Full Year 2024 CAPEX H1 H2 FY-2023 Vitamin B12 project (Elbeuf) Oligonucleotides (Frankfurt) €129.0m FY-2024 €108.0m Prostaglandins (Budapest) Hormones (Vertolaye) 59.7 Growth and 53% 46.7 Performance 69.3 61.3 23% 24% Maintenance 2022 2023 Compliance P. 16
Slide 17: Full Year 2024 Net Debt evolution
Full Year 2024 Net Debt evolution 181.1 0.1 25.2 € millions – rounded figures 123.0 €197m Deeply Subordinated Perpetual Bond €94.0m inventories 171.0 €52m trade Free Cash Flow Before receivables €(47)m payables Financing: €15.0 million €60m Other Current Assets & Liabilities -108.0 -171.0 Cash Flow
Slide 18: FOCUS-27 in 2024
FOCUS-27 in 2024 David Seignolle Chief Executive Officer P. 18
Slide 19: 2024 key operational progress
2024 key operational progress Streamlined value-added portfolio, focused on highly differentiated profitable 61% of FY 2024 sales in differentiated APIs products Focused CDMO offer leveraging our recognized capabilities and technology 60% of current projects in late-stage €75 to 80M platforms increm
Slide 20: Streamlined value-added portfolio
Streamlined value-added portfolio Differentiation on track 2023 and 2024 catalog sales per differentiation level – with existing portfolio Medium to high differentiation 2024 Double-digit growth in Large Molecules 2023 39% target : 70% of Enhanced sales 43% 61% differentiated momentum in Opiates 57%
Slide 21: Focused CDMO: An increasingly de-risked portfolio
Focused CDMO An increasingly de-risked portfolio Project by phase Projects by customer 2024 2024 Large Pharmaceutical 2023 Companies 2023 38% 40% Biotech and 38% 41% 55% Emerging 46% Early-stage 62% Pharmaceutical 60% Companies 13% Late-stage 7% Mid-size Companies Accelerated momentum in Large Molec
Slide 22: €350 to 400 million Investments between 2024 and 2027
€350 to 400 million Investments between 2024 and 2027 Around 60% dedicated to growth and performance Completion / Current Main growth projects Type Timeline Investment €32M o/w Peptides & Oligonucleotides (Frankfurt) Capacity Increase End of 2027 €17M end of 2025 Vitamin B12 (Elbeuf) Capacity Increa
Slide 23: Organizational transformation
Organizational transformation Agility and efficiencies Commercial R&D 180* Redesign the Commercial teams to Focus on support to Commercial, in increase synergies, and efficiencies particular the CDMO business Strengthened technology platforms Approximately headcount reduction in 2024, in line with F
Slide 24: 2025 Outlook and Conclusion
2025 Outlook and Conclusion David Seignolle Chief Executive Officer P. 24
Slide 25: Operational drivers and business assumptions
2025 Operational drivers and business assumptions Tailwinds Headwinds One-off Increase demand Double-digit growth Slowdown in Discontinuation of Build-up of some strategic Reduced demand for HP APIs & in sales from early- Vitamin B12 pre-carve-out inventories of APIs to be from Sanofi discontinued b
Slide 26: 2025 outlook
2025 outlook Full-year Core Full-year net EBITDA margin sales Slightly decreasing to Improved to a 7% to 9% steady on a comparable range basis* compared to full- year 2024 2025 A transition year dedicated to strengthening profitability and safeguarding Cash Flow to lay the foundations for long-term
Slide 27: Paving the way to long-term profitable growth
Paving the way to collectively deliver long-term profitable growth Enhanced Commercial Employees’ Engagement Momentum Stakeholders’ Support Accelerated Innovation Health Sovereignty Cost Effectiveness Sustainability
Slide 28: Appendix
CULfOAPI Appendix
Slide 29: FY-2024 Net Sales Breakdown
FY-2024 Net Sales Breakdown 2024 CDMO 2024 Large molecules Other Clients 10% API Solutions Other HP APIs 15% Clients 2023 10% 2023 CDMO Sanofi 8% 39% 10% 18% 12% 36% 10% 18% 12% Bio-fermentation 65% 36% 68% Complex chemistry 34% API Solutions CDMO 73% 27% API Solutions Sanofi Other Clients Sanofi 46
Slide 30: Net sales per molecules
2024 Net sales per molecules Type of molecule 2024 Chge vs 2023 Main drivers Downsizing of a commercial contract with a large biotech more than offset by the one-off impact of Buserelin's stock Large molecules €90.5m +18.3% clearance and the ramp-up of a commercial phase project with Sanofi. On the
Slide 31: CDMO 2024 RFPs and Project Portfolio
CDMO 2024 RFPs and Project Portfolio Phase 1 Phase 2 Phase 3 Commercial Number of RFPs received Large 2024 4 3 2 4 13 molecules 2023 7 3 2 3 15 230 211 215 2024 1 1 2 HP-APIs 115 2023 2 2 2 6 114 117 Biotech 2024 1 5 6 34 Mid-size Biochemistry 18 35 Pharma 2023 1 1 6 8 81 Big 79 63 Pharma 2024 8 6 6
Slide 32: Glossary
Glossary Net Sales at Constant Exchange Rate (CER) FY 2024 sales at FY 2023 Exchange rates On a comparable basis At constant perimeter and constant exchange rates EBITDA and Core EBITDA EBITDA corresponds to operating income (loss) restated for depreciation and amortization and net impairment of int
Slide 33: Financial calendar
Financial calendar 21 May 2025 Annual General Meeting 29 July 2025 First-half 2025 results P. 33
Slide 34: Contacts
Contacts Sophie Palliez-Capian Head of Investor Relations + 33 6 87 89 33 51 sophie.palliez@euroapi.com ir@euroapi.com P. 34