Eco Animal Health Group Plc · LSE:EAH
Eco Animal Health — FY2025 Earnings Presentation
29 slides from Eco Animal Health's earnings presentation, July 2025
Slide 1: Audited Results
Audited Results Dr. David Hallas; CEO, Chris Wilks; CFO July 2025 w w w. e co a n i m a l h e a l t h . c o m
Slide 2: Disclaimer
2 Disclaimer No reliance may be placed for any purpose whatsoever on the information or paragraph 49 of the FPO (high net worth companies, unincorporated associations opinions contained in this Presentation or its completeness. Neither ECO nor etc.); and (iii) persons to whom it is otherwise lawfu
Slide 3: Executive summary
3 Executive summary Robust core business: Continued strong performance in key markets and scope for new MAs Improved gross margin and EBITDA: Disciplined cost control, pricing and geographical mix R&D portfolio providing growth engine: Targeted investment to drive growth over the next decade Multipl
Slide 4: Financial highlights: revenue in line with consensus
4 Financial highlights: revenue in line with consensus Group sales Stronger H2 North America Poor Thailand Navigated new decreased performance in sales increased to sales due to loss generic entrant China + 3% 27% of total of major in Brazil and -11% to £79.6m customer but solid Other -9% on constan
Slide 5: Financial highlights
5 Financial highlights 45% £7.3m 9.2% 2.49p £25m £8.6m Gross Adjusted Adjusted Earnings Net cash New product Portfolio development progression margin EBITDA EBITDA per share Reinforcing the expenditure + 3% Margin +61% Group’s strong balance sheet +0.2% (2024: £22.4m) Manufacturing In-line with 1st
Slide 6: Strong core business
6 ECO in short Strong core business: • Flagship product with good longevity & sticky revenue and margins • Global need to control infectious disease; global usage manages individual market risks • Clinical edge with clear advantages over generic macrolides & high barriers to entry • Large cap peers
Slide 7: Clear strategic focus
7 ECO in short Clear strategic focus • On growth species of poultry and swine • Preventative segments • Underpinned by global demographic trends driving animal protein demand
Slide 8: Strong pipeline of R&D assets
8 ECO in short Strong pipeline of R&D assets • Targeted investment in cutting edge preventative innovation • Preventative segment is the fastest growing area of animal health • Multiple MOAs in pipeline • First wave of innovation has very high POS
Slide 9: Addressing critical market need
9 ECO in short Addressing critical market need • Innovation and differentiation with PRRSVmAb and NEmAb • Addresses critical gaps in current standards of care
Slide 10: Significant risk adjusted growth potential
10 ECO in short Significant risk adjusted growth potential • NPV >£180M
Slide 11: Financial highlights
Financial highlights ANIMAL HEALTH
Slide 12: Revenue – geographical segments
12 Revenue – geographical segments Revenue by geography (£’m) 30.0 3% growth 16% in H2 Distributor Total Revenue: growth 25.0 Loss of key prior year March 2022 £82.2 million customer excess stock March 2023 £85.3 million 20.0 March 2024 £89.4 million March 2025 £79.6 million 15.0 10.0 5.0 0.0 China
Slide 13: Sustainable gross margin performance
13 Sustainable gross margin performance 47% Increase Decrease Total 46% 45% 45.0% 44% 0.2% 0.4% 45.1% 43% 0.3% 42% (0.7%) (3.1%) 1.1% (0.5%) 41% 42.1% 2.9% 40% (1.5%) 0.9% 39% 38% Gross FX impact FX impact Net cost of China dep'n Geographical Gross FX impact FX impact Net cost of Geographical Other
Slide 14: R&D expenditure
14 R&D expenditure R&D expenditure (£’m) Capitalised R&D consists of late- stage Poultry Mycoplasma vaccine 1.3 projects and injectable 2.4 4.1 4.6 florfenicol treatment for swine 7.6 5.9 4.2 4.0 2022 2023 2024 2025 R&D Expensed R&D Capitalised
Slide 15: Administrative expenses
15 Administrative expenses Admin expenses excl F/X (£'m) 2.8 3.3 3.2 2.3 Personnel cost savings 25.6 25.5 (mainly bonus reductions) 22.2 24.8 2022 2023 2024 2025 Cash based overheads Non cash charges
Slide 16: EBITDA bridge
16 EBITDA bridge 11.0 10.0 9.0 8.0 7.0 + £4.1m £7.2m £8.0m 6.0 GM +2% (GM 2.9%) (£0.3m) + £1.7m £0.9m £0.2m £7.3m saving less 5.0 (£3.4m) + £1.7m expenditure £5.4m + £3.1m 4.0 3.0 (£9.8m) GM +3% 2.0 31 Mar 22 Revenue Gross Admin exp R&D 31 Mar 23 Revenue Gross Admin exp R&D 31 Mar 24 Revenue Gross A
Slide 17: Balance sheet
17 Balance sheet CONSOLIDATED STATEMENT As at As at As at As at OF FINANCIAL POSITION 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 £'m £'m £'m £'m 115 Non current assets Intangible assets incl deferred tax 35.0 36.4 38.8 42.3 115 Tangible assets 3.7 6.1 4.8 4.0 131 131 Right of use assets - IFRS16 leases
Slide 18: Cash excluding China (51% owned) subsidiary bridge
18 Cash excluding China (51% owned) subsidiary bridge 26.0 Increase Decrease Total 24.0 22.0 £0.1m £0.7m 20.0 18.0 £5.9m 16.0 £2.5m £0.8m 14.0 (£10.5m) 12.0 £4.3m £14.0m 10.0 (£9.3m) £10.5m £7.3m 8.0 6.0 £6.8m £5.4m 4.0 Cash ex Profit Non-cash, Investing China R&D Cash ex Profit Non-cash, Investing
Slide 19: Group results – simplified
19 Group results – simplified1 REVENUE EX CHINA (£’M) GROSS MARGIN EX CHINA (%) EBITDA EXCL CHINA, R&D (£’M) 80.0 49% 12.0 70.0 48% 10.0 60.0 47% 50.0 46% 8.0 40.0 45% 6.0 30.0 44% 4.0 20.0 43% 10.0 42% 2.0 0.0 41% 0.0 Mar-22 Mar-23 Mar-24 Mar-25 Mar-22 M a r - 23 Mar-24 M a r- 2 5 Mar-22 Mar-23 M a
Slide 20: Group results - simplified
20 Group results - simplified EFFICIENCY RATIOS* 20% *Analysis for the Group excluding R&D and treating China majority owned JV as a simple dividend income stream 16% Reduction in 2024 arises because of lower 12% China JV dividend 8% ROCE = (EBIT + China JV divi)/(Total assets – current liabilities)
Slide 21: R&D growth engine
R&D growth engine ANIMAL HEALTH
Slide 22: Current-wave and next-wave innovation
22 Current-wave and next-wave innovation CURRENT WAVE NEXT WAVE First Approval First Approval Peak Year Revenue Necrotic Peak Year Revenue ECOVAXXIN® Remaining R&D Cost Enteritis Biological Remaining R&D Cost PCV2/MHP £2.8m £5.9m £5.2m 2026 2027 2028 2029 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 23: The near-term regulatory timings to drive longer-term value
23 The near-term regulatory timings to drive longer-term value 2025 2026 2027 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2027 Q3 EU EU Approval 1Q’25 Review & Responses 2Q’26 US Approval Total Peak Year USA 2Q’26 USDA Responses 4Q’26 Revenue UK Approval UK 3Q’25 Review & Responses £37.9m 1Q’27 BRZ 2Q’26 Review &
Slide 24: ECOVAXXIN MS & MG summary
24 ECOVAXXIN® MS & MG summary Best Best-In-Class Mycoplasma vaccines Existing strong relationships with Key in class alongside Best-in-Class Mycoplasma Opinion Leaders and Decision Makers treatment, Aivlosin in Key Accounts Provide Technical Support and Addresses existing & developing Diagnostics to
Slide 25: Outlook and Summary
Outlook and Summary ANIMAL HEALTH
Slide 26: Investment case: robust core business with emerging growth pipeline from R&D engine
26 Investment case: robust core business with emerging growth pipeline from R&D engine Core business: Future growth: Flagship product Aivlosin has good longevity & sticky Targeted investment in preventative innovation, driven revenue and margins by deep knowledge of demographic trends Global need to
Slide 27: Summary: Clear value and set for next phase of growth
27 Summary: Clear value and set for next phase of growth Underlying commercial business well established, profitable and robust A transition story with solid organic foundations and proven executional ability • shift to diversified portfolio • pipeline risk adjusted NPV more than doubled from £86M (
Slide 28: Appendices
Appendices ECO) ANIMAL HEALTH
Slide 29: Cash flow statement
29 Cash flow statement CONSOLIDATED STATEMENT Year ended Year ended Year ended Year ended OF CASHFLOW 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 £'m £'m £'m £'m Profit before incom e tax 1.4 4.4 3.0 4.1 Adjustment for non cash items in the incom e statement 3.5 2.8 4.7 3.5 Operating cash flow before mo
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