Slide 1: Q1 presentation
Improving animal health through science and technology for better lives Q1 presentation April 2026
Slide 2: Q1 Highlights
Q1 Highlights Positive start to the year / Positive momentum in the Group with double-digit organic growth in three segments / Completed two acquisitions adding EUR 10m in revenues – signed Irish veterinary services company Vetsave in April / Continued strong cash generation / Lotta Lundaas appointe
Slide 3: Positive start to the year
Positive start to the year Revenue and Adj. EBITA x% Adj EBITA margin x% Organic growth (%) Strong Q1 development / Net revenue +8% 120 116.0 / 8% revenue growth to EUR 116.0m 107.5 109.0 110 104.9 104.3 104.3 29.2 100 28.3 30 25.4 25.5 26.1 / 9% organic growth driven by Specialty 90 87.6 24.6 25 Ph
Slide 4: Specialty Pharma
Specialty Pharma A strong quarter +10% Organic revenue growth / 10 per cent organic growth with double-digit growth in three therapeutic areas +11% / Strongest growth contribution came from Allergy and Specialised Nutrition Adj. EBITA growth / Significant margin uplift driven by operating leverage R
Slide 5: MedTech
MedTech Strong performance in dental +6% Organic revenue growth / 6 per cent organic growth with double-digit growth in dental and orthopedics in Europe/APAC / Continued sequential sales improvements in US orthopedics -2% Adj. EBITA growth / Margin decline driven by geographic mix and growth investm
Slide 6: Vimian M&A growth: Dental platform example
Vimian M&A growth: Dental platform example Large, fast-growing market with unmet clinical needs iM3, the only global pure-play Large & fast-growing market Structural gap = opportunity The choice of iM3 to build from / €100M+ market (equipment), / Dental can represent up to 40% of a / iM3 offers a co
Slide 7: With iM3 as the platform anchor we are building a full-suite global platform
With iM3 as the platform anchor we are building a full-suite global platform iM3 DentalFocus AllAccem / Sanos David AI / Clarity XR Complete platform for Advanced imaging expertise Leading preventative dental AI-powered Dental Imaging equipment, imaging, & services in the US — sealant — taking a pro
Slide 8: We educate the vet and equip the clinic to capture and grow the market
We educate the vet and equip the clinic to capture and grow the market Clinic Maturity Typical account size compared to initial entry clinic account Full Suite + Imaging 25x Advanced Dental Unit 15x Dental Room 10x Dental X-Ray 7x First Dental Unit 5x Scaler Polisher 2x Instruments only Time Page 9
Slide 9: Examples of what we have achieved so far
Examples of what we have achieved so far / Established multi-channel sales teams / Strengthened our consumables offering and launched subscription models, driving recurring revenues at high margins / Invested in our new warehouse to facilitate growth and launched our first US based education center
Slide 10: Veterinary Services
Veterinary Services Positive momentum continues +11% Organic revenue growth / 11 per cent organic growth with continued new member growth and conversion to higher tiers – 11,400 members at the end of Q1 +3% Adj. EBITA growth / Margin impacted by lower margin in the co-owned clinics and growth invest
Slide 11: Veterinary Services to enter three new markets
Veterinary Services to enter three new markets Organic expansion into two new markets Further expansion through M&A / Japan – unlocking a new large market for / Ireland – acquisition of the leading Veterinary Veterinary services, following the successful Service Organization open up a new market Med
Slide 12: Diagnostics
Diagnostics Double-digit organic growth +12% Organic revenue growth / 12 per cent organic growth with positive impact from disease outbreaks / Closed the acquisition of I-Vet – continuing to strengthen companion animal offering +16% Adj. EBITA growth / Slight margin decline driven by product mix wit
Slide 13: M&A developments year-to-date
M&A developments year-to-date Acquisition Segment Closing Revenues I-Vet Diagnostics March 2026 EUR 5.6m Favna Vet Services March 2026 EUR 4.3m Vetsave Vet Services May 2026 EUR 1.6m Page 14
Slide 14: Creating a sustainable leader in animal health
Creating a sustainable leader in animal health Sustainability strategy Animals People Planet We improve animal health We create a great place to work in We minimize our environmental through innovation, education, an engaging and inclusive footprint by reducing emissions. and responsible treatments.
Slide 15: First Quarter Financials
2 First Quarter Financials Page 16
Slide 16: Q1 Income Statement
EURm Q1 2026 Jan – March Q1 2025 Jan – March Q1 Income Statement Net revenue 116.0 107.5 / Operating profit (EBIT) grew 36% to EUR 21.2m Adjusted EBITA 29.2 28.3 / Items affecting comparability of EUR -1.8m (-7.0) Adjusted EBITA margin (%) 25.2% 26.3% / Net financial items of EUR -3.3m (- 7.5) Items
Slide 17: Q1 Cash Flow
EURm Q1 2026 Jan – March Q1 2025 Jan – March Q1 Cash Flow EBIT 21.2 15.6 / NWC EUR 94.9m at 22 per cent of revenue per end of March Cash flow from operating activities • Compared to end of December 2025, net working capital decreased by 23.3 22.5 before change in NWC EUR 1.7m Change in NWC - 0.3 - 5
Slide 18: Net Debt and Leverage
Leverage Net Debt (EUR m) Net Debt and Leverage 280 / Net debt per 31 March 2026 EUR 258.4m 261 258 260 254 245 / Cash and cash equivalents EUR 50.4m 240 222 220 212 / Net Debt / LTM Proforma Adjusted EBITDA 2.1x 200 180 160 144 140 140 120 2.0x 2.1x 2.1x 2.0x 2.1x 100 1.8x 80 1.3x 60 1.4x 40 20 0 2
Slide 19: Concluding remarks
Concluding remarks / Positive start to 2026 with double-digit growth in three segments / Three acquisitions year-to-date / Continuing to advance M&A pipeline across all segments / Well-positioned with robust strategy in attractive market Page 20
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