Slide 1: 2025 full-year results & perspectives
2025 full-year results & perspectives March 2026
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements with respect to Virbac’s profitability and financial condition, business operations, projects and outlook. Although Virbac’s management believes that such forward-looking statements are based on reasonable assumptions, as made as of the
Slide 3: Presenters
First 6 months at Financial Virbac & Strategic Performance Execution & Guidance 2025 FULL-YEAR RESULTS & PERSPECTIVES Presenters Paul Martingell Habib Ramdani Chief executive officer Chief financial officer - Deputy CEO
Slide 4: 2025 Full-Year Results & Perspectives agenda
I CEO’s FIRST 6 MONTHS STRATEGY EXECUTION & II PERSPECTIVES VIRBAC III FINANCIAL RESULTS 2025 FULL-YEAR RESULTS & GUIDANCE & 2026 IV FINANCIAL CALENDAR PERSPECTIVES V Q&A SESSION
Slide 5: First months at Virbac…
First 6 months at Virbac…
Slide 6: 2025 Full-Year Results & Perspectives agenda
I CEO’s FIRST 6 MONTHS STRATEGY EXECUTION & II PERSPECTIVES VIRBAC III FINANCIAL RESULTS 2025 FULL-YEAR RESULTS & GUIDANCE & 2026 IV FINANCIAL CALENDAR PERSPECTIVES V Q&A SESSION
Slide 7: Solid 2025 performance in line with our strategy
II. STRATEGY EXECUTION & PERSPECTIVES Solid 2025 performance in line with our strategy 1. Continued strong financial performance & discipline 2025 Full Year Results ● Solid volume/mix and price driven revenue growth of 7.9% at CERS ● EBIT adjusted1 margin of 16.0% despite temporary industrial challen
Slide 8: Virbac outperformed the market by 0.8 ppt in 2025
II. STRATEGY EXECUTION & PERSPECTIVES Virbac outperformed the market by 0.8 ppt in 2025 Virbac revenues grew by a CAGR of 8.3% from FY21 to FY25 (including petfood sales) Note: the chart above is based on an internal estimate of the market growth and does not include petfood revenues.
Slide 9: Our 'Growing Together' Strategy 2030
II. STRATEGY EXECUTION & PERSPECTIVES Our ‘Growing Together’ Strategy 2030 Our unique Virbac people & culture; driven by Purpose & Performance Focus on Priority Innovation & Execute with Fund our Growth Drivers Critical Capabilities Excellence Growth Build leading positions, in i) Double-down on inn
Slide 10: 'Supercharge' platforms driving the growth
II. STRATEGY EXECUTION & PERSPECTIVES ‘Supercharge’ platforms driving the growth Reproduction Dental Therapeutic/Medical petfood The only alternative to surgical castration, Still high unmet need and impact on An unmet market need for carnivorous diets avoiding animal mutilation and behavior pet/own
Slide 11: Continuous in-house R&D and technology licensing efforts
II. STRATEGY EXECUTION & PERSPECTIVES Continuous in-house R&D and technology licensing efforts Project pipeline for new products and geo-extensions ● ~ 40 Priority projects >€ 500M peak sales1 ● ~ 100 Other projects ● ~ 60 Geo-extension projects R&D at Virbac ● €115.1M (vs. 108.7 in FY24) R&D expense
Slide 12: Major new product launches in 2025
II. STRATEGY EXECUTION & PERSPECTIVES Major new product launches in 2025 Companion Animals Farm Animals Vikaly Prevexto Suigen cough Intramar The first medicalized pet food A medicated collar providing Swine respiratory vaccine that Intramammary treatment to designed to treat chronic long-lasting pro
Slide 13: Programmatic M&A: Scaling Our Impact
II. STRATEGY EXECUTION & PERSPECTIVES Programmatic M&A: Scaling Our Impact Thyronorm Acquisition M&A Targets focus ● Perfect fit for Virbac: Virbac-compatible, high specialty product with margin assets that differentiated liquid form complement our portfolio ● Key geographies covered: and offer signific
Slide 14: 4 strategic and actionable priorities
II. STRATEGY EXECUTION & PERSPECTIVES 4 strategic and actionable priorities Act for Animals Act for People Act for Society Act for Planet Investing in responsible R&D Fostering safety, equity Ensuring business Ethics, Minimizing our environmental and setting high standards diversity and inclusion to
Slide 15: Continued focus on Sustainable Value Creation
II. STRATEGY EXECUTION & PERSPECTIVES Continued focus on Sustainable Value Creation Revenue Consistently outperforming the market growth rate Programmatic M&A To further support our 2030 strategic priorities & guidance Margin Commitment to 20% Adjusted EBIT margin by 2030 Cash Focus Operational & NW
Slide 16: 2025 Full-Year Results & Perspectives agenda
I CEO’s FIRST 6 MONTHS STRATEGY EXECUTION & II PERSPECTIVES VIRBAC III FINANCIAL RESULTS 2025 FULL-YEAR GUIDANCE & 2026 IV RESULTS & FINANCIAL CALENDAR PERSPECTIVES V Q&A SESSION
Slide 17: Key takeaways - FY25 financials
III. FINANCIAL RESULTS AND GUIDANCE Key takeaways - FY25 financials €1464.7m in FY25 €234.4m in FY25 (vs €231.8m in FY24) (vs €1397.4m in FY24) €150.5m in FY25 (vs €145.8m FY24) +8.7% @CER 16,5% margin @CER Revenue EBIT Adj. (-0,1 ppt vs FY24) Net result ● 7.9% annual revenue growth at ● Robust 16.3%
Slide 18: Strong revenue growth in all geographies except the Pacific
III. FINANCIAL RESULTS AND GUIDANCE Strong revenue growth in all geographies to the exception of the Pacific €1,465m Actual Revenue 7.9% growth @CERS
Slide 19: Strong FX headwinds in 2025 impacting revenues and EBIT Adjusted
III. FINANCIAL RESULTS AND GUIDANCE Strong FX headwinds in 2025 impacting revenues by €54.3m and EBIT Adjusted by €16.4M 1 EBIT(A): current operating profit before depreciation of assets arising from acquisitions
Slide 20: Revenue split companion animals vs farm animals
III. FINANCIAL RESULTS AND GUIDANCE Revenue split companion animals vs farm animals FY25 Revenue €1,465m Note: in € million in actual rate; in % at constant exchange rates and scope
Slide 21: Revenue growth by segment (1/2)
III. FINANCIAL RESULTS AND GUIDANCE Revenue growth by segment (1/2) COMPANION ANIMALS +10.9% GROWTH +5.5% at CERS at actual rates €149.9m €100.6m €177.1m €117.2m €133.1m €177.9m (+18.7%) (0.8%) (+16.7%) (+0.0%) (+8.1%) (+15.9%) Note: in € million - at constant exchange rates and scope - *Other inclu
Slide 22: Revenue growth by segment (2/2)
III. FINANCIAL RESULTS AND GUIDANCE Revenue growth by segment (2/2) FARM ANIMALS +6.8% GROWTH +7.0% at CERS at actual rates €131.2 m €96.8 m €96.3 m €87.6 m €66.4 m €38.7 m (+6.0%) (3.2%) (+10.1%) (+13.0%) (8.6%) (-4.6%) Note: in € million - at constant exchange rates and scope - *Other cattle, pig
Slide 23: P&L Statement
III. FINANCIAL RESULTS AND GUIDANCE P&L Statement Revenues Solid growth of 4.8%, adjusted from currency and scope impact the growth in FY27 is at 7.9% driven by both volume (+5%) and prices (+3%) EBIT adjusted (before amortizations) Decreasing EBIT adjusted margin ratio at 16.0% from 16.6% in FY24 m
Slide 24: Net FCF stands at €81.4m in FY25
III. FINANCIAL RESULTS AND GUIDANCE Net FCF stand at €81.4 m in FY25 offset by increasing Capex expenses and FX impact Note: in €m - 🡻/🡻% FY25 growth compared to FY24 - CIT & FR: Corporate Income Tax and Financial result - WCR: includes €11.5m escrow payment for the Thyronorm acquisition -…
Slide 25: Virbac's net debt as of Dec25 vs Dec24
III. FINANCIAL RESULTS AND GUIDANCE Virbac’s net debt as of Dec25 vs Dec24 Thyronorm acquisition in Dec25 (excl. Strong cash €11.5m escrow payment generation booked in WCR) in FY25 Ongoing major industrial projects Closing net debt at constant rate & scope +€87.1m1 (-€81.4m vs Dec24) Net debt situat
Slide 26: Consolidated balance sheet analysis
III. FINANCIAL RESULTS AND GUIDANCE Consolidated balance sheet analysis Slight increase in net debt due to increasing Capex requirements and M&A acquisitions in FY25 (net debt to Equity ratio at 15.4% as of Dec25 vs 16.2% as of Dec24)
Slide 27: Shareholding structure as of Dec25
I. FINANCIAL RESULTS AND GUIDANCE Shareholding structure as of Dec25 Number Voting of shares Rights 8 390 660
Slide 28: 2025 Full-Year Results & Perspectives agenda
I CEO’s FIRST 6 MONTHS STRATEGY EXECUTION & II PERSPECTIVES VIRBAC III FINANCIAL RESULTS 2025 FULL-YEAR RESULTS & GUIDANCE & 2026 IV FINANCIAL CALENDAR PERSPECTIVES V Q&A SESSION
Slide 29: 2026 full year guidance
IV. GUIDANCE & 2026 FINANCIAL CALENDAR 2026 full year guidance In line with our reporting standards, the Thyronorm acquisition is included within the 2026 organic perimeter (constant scope) due to its materiality level
Slide 30: 2026 Financial calendar
IV. GUIDANCE & 2026 FINANCIAL CALENDAR 2026 Financial calendar April 16, 2026* Q1 sales June 26, 2026 Annual shareholders’ meeting July 20, 2026* Q2-H1 sales September 17, 2026* Half-year financial results - Press release September 18, 2026 SFAF meeting – 1st half 2026 financial & strategic informat
Slide 31: 2025 Full-Year Results & Perspectives agenda
I CEO’s FIRST 6 MONTHS STRATEGY EXECUTION & II PERSPECTIVES VIRBAC III FINANCIAL RESULTS 2025 FULL-YEAR RESULTS & GUIDANCE & 2026 IV FINANCIAL CALENDAR PERSPECTIVES V Q&A SESSION
Slide 32: 2025 full-year results & perspectives
2025 full-year results & perspectives March 2026