Slide 1: Reinventing Active Ingredients solutions - Investor Deck May 2024
EUROAPI Reinventing Active Ingredients solutions to sustainably meet clients and patient’s needs around the world Investor Deck – May 2024
Slide 2: Content
Content 1. Euroapi in a nutshell 2. The Active Pharmaceutical Ingredients (API) merchant market 3. Competitive positions 4. Focus-27 5. Deep dive on API Solutions 6. Deep dive on CDMO 7. 2023 results 8. ESG Roadmap 9. Governance 10.Remuneration policy 11. Relationship with Sanofi
Slide 3: Solid fundamentals
1 Global presence in the growing API business 2 > €90 billion total addressable market in 2023 (~ €120 billion expected in 2028) 3 State-of-the-art technologies Solid fundamentals 4 Leading European industrial footprint 5 Growing CDMO activity (peptides and oligonucleotides, complex chemistry, ferme
Slide 4: EUROAPI in a nutshell
EUROAPI in a nutshell Reinventing Active Ingredient Solutions to sustainably meet customers’ and patients’ needs around the world
Slide 5: A worldwide leader in Active Ingredient Solutions
A worldwide leader in Active Ingredient Solutions 2 activities API €1,013.2M Solutions Net Sales ~3 650 CDMO in 2023 employees Commercial presence in ~200 APIs >80 countries P. 5
Slide 6: 91 Bn euros Total Addressable Market
91 Bn euros Total Addressable Market API market Sustained growth 2023 – in euros Small molecules – €80 Bn Merchant API market revenues, €bn 117 113 106 100 95 91 Merchant market API market €91 Bn €210 Bn 2023 2024 est. 2025 est. 2026 est. 2027 est. 2028 est. Large molecules – €11 Bn Note: See Euroap
Slide 7: Main activities
Main activities API Solutions CDMO Customized development and Manufacturing and distribution of manufacture of active ingredients for the differenciated APIs pharmaceutical and biotechnology industries Top N°1 In small molecules In global CDMO market 10 • Unique portfolio of technologies • Approxima
Slide 8: Strategic objectives
Strategic objectives Defined in February 2024 Improve competitiveness and unlock sustainable & profitable growth Streamlined value-added Focused CDMO offer Rationalized industrial Organizational portfolio, focused on highly leveraging our recognized footprint prioritizing high- transformation and mo
Slide 9: Global presence and unique industrial footprint with six sites in Europe
Global presence and unique industrial footprint with six development and manufacturing sites in Europe Haverhill Frankfurt Haverhill Gera Spray drying R&D Process analytical technology Elbeuf Budapest St Aubin-lès-Elbeuf Paris Microbial fermentation, Vitamin B12 HQ Brindisi Vertolaye Vertolaye API,
Slide 10: Well-balanced portfolio, focused on differentiated APIs
Well-balanced portfolio, focused on differentiated APIs 2023 Net Sales by activities 2023 Net Sales by molecules Other Clients 53% Large CDMO Molecules 8% 10% Highly Potent Molecules API 9% Solutions 36% Biochemistry- API 1,013.2 M€ 1,013.2 M€ fermentation Solutions 18% 36% Complex Chemistry 65% CDM
Slide 11: A long-term partnership with Sanofi
A long-term partnership with Sanofi… Manufacturing and Supply by Euroapi of certain Active Pharmaceutical Ingredients for Sanofi ("Global Manufacturing Agreement") Partial protection clauses for both parties, particularly in the event of significant changes in the macro-economic environment (raw mat
Slide 12: Amended in 2024 to adapt to current environment
… amended in 2024 to adapt to current environment Main changes Cancellation of the mutual performance clause Manufacturing and MSA Supply Agreements Evolution of the pass-through clause for key raw materials and solvents • Covers the 86 API manufactured by Increase prices for selected APIs EUROAPI a
Slide 13: Ambitious ESG commitments
Ambitious ESG commitments Offer safe products and a Accelerate innovation for Create a safe & multicultural Uphold best in class corporate resilient & responsible supply environmental sustainability workplace governance chain P. 13
Slide 14: Stable shareholder base
Stable shareholder base L'Oréal 5% Fonds French Tech Souveraineté* France 12% 15% UK 16% Institutional Investors** 38% US 56% Continental Europe 7% Sanofi* 30% ROW 5% Individual & unidentified Shareholders 15% *: Lock-up duration extended until December 2025 P. 14 **: April 2024
Slide 15: Diversified and committed Board of Directors
Diversified and committed Board of Directors Independent Director Lead Independent Director Member representing the employees Viviane Monges Chair of the Board Elizabeth Bastoni Emmanuel Blin Cécile Dussart Rodolfo Savitzky Claire Giraut Mattias Perjos Lead Director Olivier Klaric Géraldine Leveau G
Slide 16: The API merchant market
The Active Pharmaceutical Ingredients (API) merchant market: A growing 91 billion euros Total Addressable Market
Slide 17: ~91 Bn euros total addressable market
~91 Bn euros total addressable market Cc. +6-8% CAGR (2024-2028) Growth drivers € millions Pharmaceutical market Outsourcing from Pharma Volumes Companies 117 113 106 Aging population, Increased Generic product penetration 100 95 Increased access to healthcare Drug development increasingly outsource
Slide 18: Molecules approved by the FDA between 2016 and 2023
414 Molecules approved by the FDA between 2016 and 2023 mAbs* Other 19% 3% Antibody-drug Conjugates (ADC) 2% Small interfering RNA 2% Enzyme and Proteins 2023 market size 5% 91 bn euros Small Molecules (chemical synthesis, Oligonucleotides biochemistry, HP-API 2% 61% Peptides 6% *: out of Euroapi’s
Slide 19: API segments: main molecules and therapies
API segments Main molecules and therapies Small Molecules Large Molecules Oligonucleotides, Peptides & Complex Chemistry HP-APIs Biochemistry MaBs and others Lipids Molecule Size Small & Medium Variable Medium Large or mix Molecule structure Increasingly complex and technologically sophisticated Com
Slide 20: API segments: market size and estimated growth
API segments Market Size and estimated growth 2021-2027 estimated market growth 17,0% Oligonucleotides 740 +10.0% +9.0% Peptides 1200 CAGR CAGR 12,0% Cytotoxic agents 690 Tides (Peptides Highly Potent and Oligo- (HP) APIs Antihistamines Antipyretics Vitamin B12 Lipids nucleotides) 130 150 235 2801 M
Slide 21: A long cycle and regulated industry
A long cycle and regulated industry Illustrative API Supplier Registration Process Evaluation & Assessment Lab-scale of Finished (procurement, business data, Sampling of API batches & Dosage Formulation (FDF) quality audits) Shipment Batch Testing 1 to 4 months 1 to 3 months 1 to 3 months FDF Regist
Slide 22: Competitive positions
Competitive positions Focus on Growth and Value Creation
Slide 23: Leverage our core strengths
Leverage our core strengths API Solutions CDMO Supply of differentiated and complex APIs with the Customised API development and flexible manufacturing Overview broadest offering in the industry services for pharma and biotech Global market position N° 1 in Small molecules Top 10 in the global CDMO
Slide 24: Key technologies and product families
Key technologies and product families Complex Chemistry – Large Molecules Fermentation Frankfurt Ujpest Vertolaye Haverhill Elbeuf Brindisi • Solid phase chemistry for • Highly Potent product • Complex organic • High volume industrial • Large scale fermentation • Large scale peptides & oligos manufa
Slide 25: FOCUS-27
FOCUS-27 Build on our strengths to refocus on high-value and growing market segments, improve competitiveness, and unlock EUROAPI's sustainable and profitable growth potential
Slide 26: Core strengths
Core strengths One of the broadest API and CDMO offer 2023 Net Sales by types of molecules Highly Potent Non-narcotic opioids molecules and opiates Large molecules Market growth: +9.0% Market growth: +3.5% 8% HP APIs First worldwide First worldwide 6% manufacturer of manufacturer of non- prostagland
Slide 27: Core strengths: state-of-the-art technologies
Core strengths State-of-the-art innovative technologies Highly Potent Complex chemistry Large molecules Bio-fermentation molecules Solid state Complex Peptides Anti-infective Prostaglandins Particle Chemical Oligonucleotides Vitamin B12 Cytotoxic Payloads Engineering synthesis Lipids Linkers molecul
Slide 28: Core strengths: broad customer base other than Sanofi
Core strengths A broad customer base other than Sanofi 2023 Net Sales by clients Number of clients by type of industry PHARMA CONSUMER GENERIC COMPANIES HEALTHCARE COMPANIES ~275 ~165 ~45 Sanofi 47% Other BIOTECH CDMO & ANIMAL Clients RETAILERS HEALTH 53% ~20 ~20 ~15 FOOD & COSMETICS ~5 P. 28
Slide 29: Streamlined value-added portfolio, focused
Streamlined Focused CDMO Rationalized Organizational value-added offer leveraging industrial transformation and portfolio, focused our recognized footprint more efficient on highly capabilities and prioritizing high- ways of working differentiated technology return CAPEX profitable products platform
Slide 30: Optimization of our API portfolio
Optimization of our API portfolio Increased focus on highly-differentiated products Market Large markets Large markets Attractiveness Fast-growing product categories Fast-growing product categories (future growth, level of competition) Low margins Strong competitive positions High margins Codeine &
Slide 31: Optimization of our API portfolio
Optimization of our API portfolio Towards a more balanced and differentiated APIs portfolio 2023 catalog sales per differentiation level – 2023 catalog sales per differentiation level – with existing portfolio including portfolio optimization1 Limited differentiation Limited 36% differentiation 43%
Slide 32: Focused CDMO offer
Focused CDMO offer Strengthened customer base and increase in value-added projects Evolve Commercial prospection towards larger targets (Biotech & Pharma) De-risked project portfolio Number of RFPs received Early 230 2022 Net Stage 211 43% Sales by Late 57% phase 50% Stage 54% Biotech 120 Early 15%
Slide 33: Focused CDMO offer
Focused CDMO offer Leverage EUROAPI unique platform capabilities to accelerate the sales trajectory Customers Large established Targeted prospection towards late-stage drugs and high-value projects Biotech driven by innovative complex chemistry Big Pharma RSM & API re-shoring trends Need of marketed
Slide 34: Rationalized industrial footprint
Rationalized industrial footprint To a more focused and efficient manufacturing organization Haverhill Frankfurt Invest in Peptides and Oligonucleotides Capacities Highly dependent on Sanofi’s Synergies with Mono-product BIANOGmp Rightsizing of the Small Considered for potential divestment Complex C
Slide 35: Prioritizing high-return CAPEX
Prioritizing high-return CAPEX Increase our average capacity utilization rates Lowest Average Highest ~ 90% > 80% ~ 80% ~ 60% cc. 60% < 30% 2023 2027 est. P. 35
Slide 36: Prioritizing high-return CAPEX
Prioritizing high-return CAPEX €350 to 400 million Investments between 2024 and 2027 €25m* €17m in steam generation to increased Peptides and biomass boiler (Elbeuf) Oligonucleotides production (Frankfurt) Others 41% 2024-2027 €18m €31m to increase capacities for to increase capacities in Cumulated
Slide 37: Organizational transformation
Organizational transformation A more efficient operating model Commercial R&D Procurement Supply Chain Redesign the Commercial Focus on support to Accelerate direct Strengthen End-to-End teams to increase synergies, Commercial, in particular the procurement transformation processes to improv
Slide 38: Deep Dive API Solutions
CULOAPI Deep Dive API Solutions
Slide 39: Commercial Excellence as a driver of business growth
API Solutions Commercial Excellence as a driver of business growth Capacity building Cross-selling Pricing enhancements Exc. Sanofi of sales from clients that c. 25% Under Under 69% buy 4+ APIs (exc. Sanofi) Purchase Contract contract Prostaglandins c.75% Orders 85-90% of customers purchase <4 A
Slide 40: Strong competitive positions in complex and differentiated APIs
API Solutions Strong competitive positions in complex and differentiated APIs 80% % of portfolio with high level of differentiation1 50% 0% 0 150 300+ # of APIs in portfolio P. 40
Slide 41: More than 165 APIs serving 570 high-profile clients
API Solutions More than 165 APIs serving 570 high-profile clients API family Ranking1 Number of APIs Number of clients Main characteristics Anti-infectives #3 10 30-70 Sole supplier on ~45% of revenues Fermentation #3 Sole Western supplier and best-in-class Vitamin B12 5 100-200 manufacturing expert
Slide 42: 570 customers in more than 80 countries
API Solutions 570 customers in more than 80 countries ~367.2 M€ revenues OTHER PHARMA CONSUMER (50% of API Solutions COMPANIES HEALTHCARE Sales in 2021) GENERIC COMPANIES ~275 ~165 BIOTECH CDMO ANIMAL ~45 & RETAILERS HEALTH FOOD ~20 ~20 ~15 ~5 Nber of customers P. 42 Sources : Companies’ websites
Slide 43: 57% of sales in differentiated APIs
API Solutions 57% of sales in differentiated APIs Based on 2023 sales1 of EUROAPI Differentiated APIs Differentiation criteria •1 Niche market characteristics Complex chemistry Fermentation HP-APIs • No/limited low-cost competition 100% • Markets with less than 5 suppliers or total market volume und
Slide 44: A comprehensive range of APIs (1/2)
API Solutions A comprehensive range of APIs* (1/2) 35 <5 20 Non-narcotic opioids & opiates – Stéroïds – Vertolaye (FR) Sartans – Budapest (HUN) Francopia (FR) Prednisolone, Methylprednisolone, Codeine phosphate, Naloxone hydrochloride, Ibersartan, Olmesartan Noscapine, Naltrexone hydrochloride, Dexa
Slide 45: A comprehensive range of APIs (2/2)
API Solutions A comprehensive range of APIs* (2/2) 15 10 Anti-infectives Prostaglandins Brindisi (IT), Elbeuf & Vertolaye (FR) Budapest (HUN) Pristinamycin, Gamithromycin, Beraprost, Latanoprost, Rifaximin, Teicoplanin, Rifampicin Limaprost Bronchitis, toxoplasmosis in Systemic or local vasodilators
Slide 46: Deep Dive CDMO
CULOAPI Deep Dive CDMO
Slide 47: CDMO: from pre-clinical to commercial phase
CDMO From the pre-clinical to the commercial phase 6 to 12 months lag between project attribution and first revenue recognized P P P P Pre-clinical/Phase 1 Phase 2 Request For Proposal Phase 3 Commercial phase Up to 4 years Up to 3 years process Up to 3 years 8-10 years Mostly lab activities First b
Slide 48: The most diversified range of technology platforms
Focused CDMO offer The most diversified range of technology platforms Pep/ Large Oligo Molecules Only Peptide Only Peptide Only Oligo Other1 Other1 High-potent APIs H PG1 Bio- chemistry Other chemistry Sources Public company filings/communication, Industry interviews, Press releases 1: e.g. Large mo
Slide 49: Increased traction with accelerated commercial momentum
CDMO Increased traction with accelerated commercial momentum Others Requests For Proposals received 1% Fermentation 16% 230 Complex Chemistry 211 Large 56% Molecules 27% 37% from big 120 Pharma ROW 54% Biotech 7% 9% mid size companies Europe 58% 40 USA 35% Average 2019-2020 2021 2022 2023 P. 49
Slide 50: Portfolio gradually de-risked towards commercial phase projects
CDMO Portfolio gradually de-risked towards commercial phase projects 6 to 12 months lag between project attribution and first revenue recognized Pre-clinical/Phase 1 Phase 2 Request For Proposal Up to 4 years Up to 3 years Phase 3 Commercial phase process Up to 3 years 8-10 years Mostly lab activiti
Slide 51: Towards an end-to-end offer for peptides and oligos
CDMO Towards an end-to-end offer for peptides and oligos 1 2 3 4 5 Oligonucleotides Peptides Conjugation Linkers Building blocks Position EUROAPI at Participate in strong Leverage chemistry Offer innovative Complement end-to-end forefront of emerging underlying market heritage for complex linkers to
Slide 52: 2023 results
CULOAPI 2023 results
Slide 53: 2023 key financial figures
2023 key financial figures Net Sales Core EBITDA CAPEX €1,013.2m €93.1m €129.0m +3.8% Sanofi Core EBITDA Net Sales €472.5m margin 9.2% 12.7% +0.2% Other Clients Growth Capex €540.7m 52% +7.1% P. 53
Slide 54: Net sales evolution
Net sales evolution API Solutions CDMO €1,013.2m €976.6m Other clients: +7.2% Other Other clients: +7.1% Other Sanofi Other Clients • Increased sales from commercial Clients +0.2% Clients • 46 new clients added in 2023 products +7.1% • Acceleration of the cross-selling • Completion of a COVID-19-rel
Slide 55: Net sales per molecules
Net sales per molecules Per type of molecule 2023 ∆% vs 2022 Key drivers Discontinuation of a CDMO phase 3 project with Sanofi in Large molecules €76.5m -22.3% 2022 and progressive discontinuation of Buserelin production after its divestment by Sanofi Highly potent Good performance driven by the rec
Slide 56: Strengthened customer base and increase in value-added projects
Strengthened customer base and increase in value-added projects Evolve Commercial prospection towards larger targets (Biotech & Pharma) De-risked project portfolio Number of RFPs received 230 Early 211 2022 43% Stage by Late 57% phase 50% Stage 54% Biotech 120 Early 15% Mid-size Stage 9% Pharma 2023
Slide 57: CDMO projects portfolio in 2023
CDMO projects portfolio in 2023 -17 23 79 -16 69 17 Of which Phase 1 • 12 projects on pre- 17 and earlier 17 approval or in the Of which commercial phase, driven • 2 late-stage projects 9 Phase 2 by peptides and oligos, with Sanofi 11 complex chemistry RSM or • 1 COVID-19 related project Phase 3 12
Slide 58: CDMO projects portfolio in 2023
CDMO projects portfolio in 2023 Portfolio gradually de-risked towards commercial phase projects Phase 1 and earlier Phase 2 Phase 3 Commercial Large 2023 7 3 2 3 15 molecules 2022 11 4 2 2 19 25% 45% 2023 by 2023 2 2 2 6 phase HP-APIs 13% 2022 1 2 2 2 7 17% 2023 1 1 6 8 Biochemistry 2022 1 1 6 8 202
Slide 59: From Net Sales to Core EBITDA
From Net Sales to Core EBITDA In € millions FY-2023 FY-2022 Net sales 1,013.2 976.6 Less favorable fixed cost absorption Gross profit 164.6 176.9 Negative impact of decreasing volumes and of higher energy prices Gross profit margin 16.2% 18.1% Core EBITDA 93.1 120.0 Core EBITDA margin 9.2% 12.3% €12
Slide 60: Core EBITDA evolution
Core EBITDA evolution 12.3% Volume Price and mix Performance 9.2% +1.7 pt impact +0.6 pt -0.8 pt Other impacts Energy Raw Gross margin -4.6 pts OPEX materials +0.7 pt +0.9 pt -1.7 pt Core EBITDA Core EBITDA 2022 2023 Rounded figures P. 60
Slide 61: From EBITDA to Net Income
From EBITDA to Net Income In € millions FY-2023 FY-2022 EBITDA 68.6 93.7 Depreciation and Amortization 76.5 94.5 Reflecting the deterioration of future Cash Flow Impairment of Assets (226.4) (21.8) compared to previous plan and the increase in WACC from 7.1% to 8.3% Operating Income (234.3) (0.8) Fi
Slide 62: FY-2023 CAPEX - Investing in growth projects
FY-2023 CAPEX – Investing in growth projects H2 H1 FY-2022 €138.3m FY-2023 €129.0m 86.9 59.7 Maintenance Capex 48% 52% Growth Capex 69.3 51.4 2022 2023 P. 62
Slide 63: Working capital
Working capital In € millions Inventory - Months on Hand1 December December 8.1 7.3 7.6 2023 2022 Working 701.5 639.3 Capital FY 2022 H1 2023 FY 2023 Of which 644.8 594.7 inventories Of which trade 216.3 264.2 Receivables – DSO2 receivables 70 70 56 Of which trade (159.6) (219.6) payables FY 2022 H1
Slide 64: Net Debt evolution
Net Debt evolution € millions, rounded figures Of which €(129.0)m Capex +73.9 -68.8 -25.6 Of which • €(40,4)m inventories • €48,9m trade receivables -171.0 -137.2 • €(52,9)m payables -14.3 +1.0 Net Debt Position Operating Cash Flow Working Capital Cash Flow from Cash Flow From Exchange rates Net Deb
Slide 65: Ambitious and Integrated ESG Roadmap
Ambitious and Integrated ESG Roadmap
Slide 66: Our commitments
Our commitments Offer safe products and a Accelerate innovation for Create a safe & Uphold best in class resilient & responsible environmental multicultural workplace corporate governance supply chain sustainability We provide high quality products We propose innovative processes We ensure our emplo
Slide 67: ESG Roadmap
2023 ESG Roadmap Accelerate innovation for Create a safe and multicultural Uphold best-in-class corporate environmental sustainability workplace governance 100% sites 30% women in a 100% completion of code ISO14001/50001 leadership position by of conduct and 95% certification by 2023 2025 compli
Slide 68: Commitment One: Offer safe products and a resilient & responsible supply chain
Commitment One Offer safe products and a resilient & responsible supply chain P. 68
Slide 69: Commitment two: Accelerate innovation for environmental sustainability
Commitment two Accelerate innovation for environmental sustainability P. 69
Slide 70: Commitment three: Create a safe & multicultural workplace
Commitment three Create a safe & multicultural workplace P. 70
Slide 71: Commitment four: Uphold best-in-class corporate governance
Commitment four Uphold best-in-class corporate governance P. 71
Slide 72: Climate Fight
Climate Fight -30% CO2 emissions by 2030 (scopes 1 & 2 / vs 2020) GHG emissions by scope Scopes 1 & 2 -19.6% 28 614 63 086 4% 8% 114,046 100,953 91,378 91,700 74 043 73 582 61 317 63 086 40 003 705 065 88% 30 061 28 614 27 371 2020 2021 2022 2023 Scope 1 Scope 2 Scope 1 Scope 2 Scope 3 p.72 * MWh
Slide 73: Strongly committed to Health & Safety and Environment
Strongly committed to Health & Safety (H&S) and Environment B Score Seveso site regularly inspected by 100% success in audits from clients national authorities ~110 audits in 2022 and 2023 p.73 Sources Company Information
Slide 74: Environmental roadmap - Biomass heating plant in Elbeuf
Environmental roadmap - Biomass heating plant in Elbeuf Ressources Impacts Finances Finances 25 M€ total investment IRR: 25% Before 10.4 M€ financial support « Payback »: 5 years from the French Government Environment Environment Use of local natural resources Production of green electricity (wood w
Slide 75: Governance
CULOAPI Governance
Slide 76: Composition of the Board of Directors
Composition of the Board of Directors Independent director Lead Independent Director Member representing the employees Viviane Monges Chair of the Board Elizabeth Bastoni Emmanuel Blin Cécile Dussart Rodolfo Savitzky Claire Giraut Mattias Perjos Lead Director Olivier Klaric Géraldine Leveau Guillaum
Slide 77: A balanced and diversified Board
A balanced and diversified Board Directors’ competences 50% of women 25% 25% 42% 58% In-depth Clients Innovation Finance EUROAPI and retail knowledge 60% of 50% 50% 92% 75% independents ESG Manufacturing Management International P. 77
Slide 78: The Board in 2023
The Board in 2023 9 93% 9 meetings of attendance rate executive sessions Main activities Self-assessment results Elaboration of the Focus-27 strategic roadmap, managing the governance crisis Anonymous questionnaire sent to all directors via a dedicated Evaluation of strategic options digital platfor
Slide 79: Main activities of the Board and its committees in 2023
Main activities of the Board and its committees in 2023 Meetings Attendance rate Audit committee – 75% of independents Review of the Group's financial position - Review of account closing procedures - Review of the finance organisation – Review of the risk management and of the risk mapping - Review
Slide 80: Remuneration Policy aligned with Shareholders' interest
Remuneration Policy aligned with Shareholders’ interest
Slide 81: Remuneration for Board of Directors in 2023
Remuneration for Board of Directors in 2023 Independent members In euros Gross amount due Gross amount paid Elizabeth Bastoni 111,750 101,750 Remuneration (fixed and variable remuneration) 28,000 28,000 Other remunerations (Lead director) Emmanuel Blin 81,500 81,500 Remuneration (fixed and variable
Slide 82: Remuneration of the Chair of the Board in 2023
Remuneration of the Chair of the Board of Directors in 2023 January February March April May June July August September October November December Chair of the Board – Fixed Remuneration Chief Executive Officer for an interim period €36,500 Exceptional Exceptional fixed €6,000 remuneration remunerati
Slide 83: Remuneration of the Chief Executive Officer in 2023
Remuneration of the Chief Executive Officer in 2023 Criteria Weighting Rate of achievement Financial objectives €420,269 Amount of revenue 20% 48.9% €98,764 Fixed portion Core EBITDA margin 30% 0% prorata Other remuneration temporis elements Core Free Cash-flow conversion 20% 0% Individual objective
Slide 84: Remuneration policy of the Board of Directors in 2024
Remuneration policy of the Board of Directors in 2024 Independent members FIXED OTHER Depends on the attendance at the committees, on which €60,000 committee and on the function within the committee Individual Total compensation Audit committee or Nomination and compensation €1,100,000 committee €40
Slide 85: Remuneration policy of the Chair in 2024
Remuneration policy of the Chair in 2024 January February March April May June July August September October November December Chair of the Board – Fixed remuneration Chief Executive Officer for an interim period Exceptional fixed remuneration – Benefits in kind 36,500 euros €300,000 Fixed remunerat
Slide 86: Remuneration policy of the Chief Executive Officer in 2024
Remuneration policy of the Chief Executive Officer in 2024 Criteria for the variable annual remuneration Weighting Financial objectives (based on February 28, 2024, EUROAPI’s strategy and budget) €517,000 Free Cash Flow (before financing) 25% Fixed Core EBITDA margin 25% Individual objectives Variab
Slide 87: Relationship with Sanofi
CULOAPI Relationship with Sanofi
Slide 88: A long-term partnership for the benefit of both companies
A long-term partnership for the benefit of both companies 3 agreements € • Manufacturing and Supply 46.6% ̴ 1/3 of EUROAPI consolidated of the APIs purchased • Distribution revenues in 2023 by Sanofi* • CDMO * Reference in 2020 (in value) P. 88
Slide 89: A strong reciprocal EUROAPI/Sanofi partnership
A strong reciprocal EUROAPI/Sanofi partnership on current and future business A partnership guided by different agreements Manufacturing Reverse MSA 1 and Supply 2 and Distribution 3 CDMO • Covers all API manufactured by • Reciprocal development service • Reverse MSA covers: EUROAPI and sold to Sano
Slide 90: Revised commercial terms signed with Sanofi in 2024
Revised commercial terms signed with Sanofi in 2024 Main changes Cancellation of the mutual performance clause Evolution of the pass-through clause for key raw materials and solvents Increase prices for selected APIs Price-Volume Corridor narrowed and extended Shortened payment terms P. 90
Slide 91: Key mechanisms for a mutually beneficial relationship with Sanofi
Key mechanisms designed to ensure mutually beneficial relationship for EUROAPI and Sanofi Manufacturing and Supply Distribution Exclusivity Price-Volume Raw Material Energy costs Fixed clause Corridor Pass Through sharing prices • 42 out of the 86 APIs are • Annual compensation • Reciprocal sharing
Slide 92: Financial Agenda
Financial Agenda Q2 2024: Further information of FOCUS-27 July 31st, 2024 (before market opening): H1 2024 Results P. 92 p.92
Slide 93: Contacts
Contacts Sophie Palliez-Capian Camille Ricotier Head of Investor Relations Investor Relations Associate + 33 6 87 89 33 51 + 33 6 43 29 93 79 sophie.palliez@euroapi.com camille.ricotier@euroapi.com ir@Euroapi.com ir@Euroapi.com P. 93 p.93
Slide 94: Forward looking statements
Forward looking statements Certain information contained in this documents 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 stra
Slide 95: Thank you!
Thank ycou! BTEVELTE Merci - Danke - Grazie - Készéném - Obrigada - Cnacn60 - HUA. CUfOAPI Active Solutions for Health