Vulcan Two Group Plc · LSE:VUL
Vulcan Two — Investor Presentation (May 2026)
25 slides from Vulcan Two's investor presentation, May 2026
Slide 1: Building the UK's leading regulated ePharmacy platform
Building the UK’s leading regulated ePharmacy platform May 2026 Vulcan Two | May 2026 1
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION AND ANY WRITTEN OR ORAL MATERIAL RELATED TO, DISCUSSED OR DISTRIBUTED DURING THE PRESENTATION MEETING (TOGETHER, THE "PRESENTATION") IS CONFIDENTIAL AND IS NOT INTENDED FOR PUBLICATION, RELEASE OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR F
Slide 3: Presentation Team
Presentation Team Michael Kraftman, CEO Brendan O’Brien, COO Keith Butcher, CFO ▪ Created Vision Direct through ▪ Founded GetLenses in 2000 ▪ AIM CFO for over 20 years with the initial acquisition of and sold it to Michael in 2009 significant track record of GetLenses & Postoptics in success ▪ COO o
Slide 4: Building the UK's leading regulated ePharmacy
Building the UK’s leading regulated ePharmacy ▪ UK-focused, regulated ePharmacy platform with a clear buy-and-build strategy in fast growing private prescription market ▪ Foundational acquisitions: CloudRx, Hyperdrug, Webmed creating a diversified profitable platform spanning B2B prescription fulfil
Slide 5: Track record
Track record Tried and tested playbook Vulcan Two | May 2026 5
Slide 6: Tried and tested playbook from the contact lens market applied to ePharmacy
Tried and tested playbook from the contact lens market applied to ePharmacy A successful Vision Direct roll-up with similar growth and digitalization paths 10x larger market with similar characteristics 2008 Acquisition of Postoptics. 6% online 2009 Acquisition of GetLenses and subsequent penetratio
Slide 7: The Market
The Market Primed for consolidation Vulcan Two | May 2026 7
Slide 8: ePharmacy Market Dynamics
ePharmacy Market Dynamics A high-growth market, diversified across a growing range of treatments UK ePharmacy Market Size1 and User Penetration2 Expanding portfolio of treatments, including: 7.0 70% Weight-loss Percentage of population using 6.0 60.4% 60% Market size ($bn) 53.5% online pharmacies 5.
Slide 9: NHS to Private Migration
NHS to Private Migration Strong and sustainable tailwinds driving sustained migration to private healthcare Increasing NHS pressures and GP waiting times Increasing demand for convenience & discretion NHS budgets are tightening and waiting times for non-urgent treatments are growing. As a result, ma
Slide 10: UK ePharmacy Market
UK ePharmacy Market The UK market is fragmented with significant consolidation potential Private Prescriptions There are over 400(a) ePharmacies in the UK, with the majority offering private prescriptions D2C for specialist 250+ small medications. subscale private ePharmacies Physical Digital 400+ t
Slide 11: The Enlarged Group
The Enlarged Group A platform built for growth Vulcan Two | May 2026 11
Slide 12: Building the UK's leading regulated ePharmacy platform
Building the UK’s leading regulated ePharmacy platform Regulated digital end-to-end prescription A regulated B2C digital pharmacy, dispensing and A regulated digital pharmacy, largely platform and regulated B2B2C pharmacy distributing medications through a consumer-facing dispensing and distributing
Slide 13: Revenue Opportunities
Revenue Opportunities Significant opportunity to drive revenue growth through professionalisation of sales process, analytics and brand ▪ CloudRx had no business ▪ Currently very few cross-selling development or outbound initiatives sales function ▪ Company to offer Scale Sales ▪ Vulcan Two has hire
Slide 14: Growth Strategy
Growth Strategy Operational and technological integration drives synergies and creates a platform for growth The Platform Delivery of medications Integrate acquisitions Enterprise Resource Unified web platform and through Leeds distribution into single entity centre Planning system brand Efficient a
Slide 15: CloudRx, Hyperdrug and Webmed
CloudRx, Hyperdrug and Webmed Diversified by product category and commercial model, creating a strong foundation to seize market opportunity 2025 Revenue of c.£35.7 million* Diversified Revenue Base 12 months to 31 December 2025 Of which 74% recurring revenue** Leading B2B platform Mens Health 5% Ge
Slide 16: Vulcan Two from incorporation to operation
Vulcan Two from incorporation to operation ▪ Incorporated on 6 August 2025, completing IPO on AIM raising £12 million on 3 September 2025 Results to 31 ▪ In five months to 31 December 2025, incurred a pre-tax loss of £1.22 million and ended the year with cash of £9.55 million December ▪ Board format
Slide 17: Summary
Summary A platform built for growth Vulcan Two | May 2026 17
Slide 18: Rare opportunity to create a scale player in a fragmented growth-market
Rare opportunity to create a scale player in a fragmented growth-market ▪ Acquired three high-quality businesses in March 2026 at attractive valuations to create a diversified and operationally cash-generative group ▪ High-growth market with strong sustainable tailwinds ▪ Clear roadmap of revenue op
Slide 19: Appendix
Appendix Vulcan Two | May 2026 19
Slide 20: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income Vulcan Two | May 2026 20
Slide 21: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Vulcan Two | May 2026 21
Slide 22: Shareholder Register at May 2026
Shareholder Register at 19 May 2026 Percentage Shareholder Holding Dowgate Group Limited 15.1% Octopus Investments Limited 15.1% Gresham House Asset Management Ltd 11.3% Canaccord Genuity Asset Management 6.6% Schroder Investment Management Ltd 5.4% Ruffer LLP 5.4% Premier Miton Group plc 4.5% Downi
Slide 23: Sustained growth from an expanding portfolio of treatments
Sustained growth from an expanding portfolio of treatments ▪ The global weight loss market is expected to grow substantially over the forecast period from $24bn (2023) to $131bn (2028) – 27% CAGR.(a) Weight Loss ▪ The majority of prescriptions are expected to be private due to the complexities aroun
Slide 24: UK regulatory environment
UK regulatory environment The UK ePharmacy market is regulated by several authorities to ensure patient safety, medicine quality, and legal compliance which has increased patient trust. General Pharmaceutical Council Medicines and Healthcare products General Medical Council (GMC) Care Quality Commis
Slide 25: The Board
The Board Michael Kraftman, CEO Brendan O’Brien, COO Keith Butcher, CFO ▪ Acquired GetLenses & ▪ Early career as Optometrist with ▪ CFO of multiple AIM listed tech Postoptics in 2008/9. Boots and at Specsavers companies over 20 years most recently BOKU Inc ▪ Led the organic and acquisitive ▪ Founded