Eco Animal Health Group Plc · LSE:EAH
Eco Animal Health — H1 2026 Earnings Presentation
27 slides from Eco Animal Health's earnings presentation, Dec 1, 2025
Slide 1: Interim Results 6 months ended 30 September 2025
Interim Results 6 months ended 30 September 2025 Dr. David Hallas, CEO Chris Wilks, CFO December 2025 www.ecoanimalhealth.com
Slide 2: Disclaimer
2 Disclaimer ▪ No reliance may be placed for any purpose whatsoever on the ▪ Furthermore, this Presentation is being made only in the United information or opinions contained in this Presentation or its Kingdom and is directed only at (i) persons who are investment completeness. Neither ECO nor Inve
Slide 3: Executive summary 1H
3 Executive summary 1H Robust core business: Strong performance vs PY 1H. Key regions USA and China performed strongly Improved gross margin and EBITDA: Pricing and improved cost of sales R&D portfolio delivered first positive opinion: ahead of schedule: EU approval of ECOVAXXIN® MS, first vaccine,
Slide 4: Financial highlights: strong revenue development
4 Financial highlights: strong revenue development Group revenue Stronger 1H North America Southeast Asia Europe +14% increased to performance in sales increased -6% LATAM -10% £39.4M China +48% +30% Improved business +19% Against better Margin in Thailand & Margin improved disease profile and maint
Slide 5: Financial highlights 1H
5 Financial highlights 1H 49.6% £3.0M 7.6% (0.54p) £18.6M £4.6M Gross Adjusted Adjusted Earnings Net cash New product Portfolio margin EBITDA EBITDA per share development progression expenditure +9% Margin EU Positive Opinion leading Improved cost vs £0.4M vs 1.3% vs (2.5p) vs £18.3M vs £4.1M to app
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
Slide 7: Clear strategic focus
7 ECO in short Clear strategic focus • On growth species and 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 • First wave of innovation: ECOVAXXIN® MS regulatory milestone achieved early • Other near-term assets (ECOVAXXIN® MG & LA Fl
Slide 9: Addressing critical market need
9 ECO in short Addressing critical market need • Innovative monoclonal approaches to PRRSV and Necrotic Enteritis drive differentiation • 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 six-month segments
12 Revenue six-month segments Group Revenue (£'m) Successive 6 Month Revenue (£'m) 60 40.0 35.0 50 30.0 40 25.0 30 20.0 50.4 51.4 43.7 46.4 20 39.4 15.0 38.5 38.0 34.9 33.2 10.0 10 5.0 0 0.0 2022 2023 2024 2025 Sep-25 SEP-25 Sep 21 H1 Mar 22 H2 Sep 22 H1 Mar 23 H2 Sep 23 H1 Mar 24 H2 Sep 24 H1 Mar 2
Slide 13: Revenue – geographical segments
13 Revenue – geographical segments Revenue by geography (£’m) 30.0 48% 30% Recovery in Distributor Total Revenue: 25.0 growth growth SE Asia, prior year March 2022 £82.2 million in 1H in 1H India poultry excess stock March 2023 £85.3 million market slow March 2024 £89.4 million March 2025 £79.6 mill
Slide 14: Improved gross margin performance
14 Improved gross margin performance 51% Increase Decrease Total 50% 3.4% Gross Margin 49% 48% 49.6% 47% 2.4% 46% 50% 45% 4.9% 45% 45% GM% 43% 42% 44% 40% 43% 42% 41% (4.0%) 40% 2.6% 40.3% 39% 38% 37% 36% FY 2022 FY 2023 FY 2024 Sep-24 FY 2025 Sep-25 Gross FX impact FX impact Net cost of Price Geogr
Slide 15: R&D expenditure
15 R&D expenditure R&D expenditure (£’m) Capitalised R&D consists of late-stage Poultry Mycoplasma 1.3 vaccine projects and long- 2.4 4.1 4.6 acting injectable florfenicol treatment for swine 7.6 1.9 1.8 5.9 4.2 4.0 2.4 2.7 2022 2023 2024 2025 SEP-24 SEP-25 R&D Expensed R&D Capitalised
Slide 16: Administrative expenses
16 Administrative expenses Admin expenses excl F/X (£'m) 2.8 3.3 3.2 2.3 Increased personnel costs: • improved financial performance => 1.7 1.6 bonus provision £2m 22.2 25.6 25.5 24.8 1.5 • annualisation of starters 14.1 14.0 10.7 Balance Sheet provisioning 2022 2023 2024 2025 1H SEP24 2H MAR25 1H S
Slide 17: EBITDA Margin
17 EBITDA Margin EBITDA Margin 60.0 16% 15% 14% 14% 50.0 12% 11% 40.0 10% 30.0 8% 8% 6% 20.0 5% 4% 10.0 2% 2% 1% 0.0 Six months ended 0% Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Revenue 1H Revenue 2H Revenue EBITDA Margin %
Slide 18: Balance sheet
18 Balance sheet CONSOLIDATED STATEMENT As at As at As at As at OF FINANCIAL POSITION 31-Mar-24 30-Sep-24 31-Mar-25 30-Sep-25 £'m £'m £'m £'m 147 Non current assets 131 111 Intangible assets incl deferred tax 38.8 39.9 42.3 43.7 131 Tangible assets 4.8 4.3 4.0 3.6 Right of use assets - IFRS16 leases
Slide 19: R&D growth engine
R&D growth engine ECO ANIMAL HEALTH
Slide 20: First-wave regulatory timings
20 First-wave regulatory timings 2025 2026 2027 2028 Q3 2H Q1 1H Q3 2H Q1 1H Q3 2H 1H 2H Peak Revenue EU £3,268,000 1H’25 Review & Responses EU Approval 1H’26 Peak Revenue USA £2,143,000 1H’26 USDA Responses US Approval 2H’26 1st LATAM Peak Revenue 1H’26 Review & Responses 1st LATAM Approval 2H’27 M
Slide 21: Second-wave R&D timelines
21 Second-wave R&D timelines 2027 2028 2029 2030 Q1 1H Q3 2H Q1 1H Q3 2H 1H 2H 1H 2H ECOVAXXIN® PCV2/MHP 1st Submission 1st Approval (USA) 1H’28 (USA) 2H’28 Peak Launch Revenue £32.2M 2H’28 1st Submission Necrotic Enteritis Biological 1st Approval (EU) 2H’28 (EU) 2H’29 Peak Launch Revenue £38.6M 2H’
Slide 22: ECOVAXXIN MS & MG summary
22 ECOVAXXIN® MS & MG summary Best Best-In-Class Mycoplasma Existing strong relationships with in class vaccines alongside Best-in-Class Key Opinion Leaders and Decision Mycoplasma treatment, Aivlosin Makers in Key Accounts Regulatory approvals underway for Addresses existing & developing other high
Slide 23: Outlook and Summary
Outlook and Summary
Slide 24: Investment case: profitable existing business with emerging growth from new products
26 Investment case: profitable existing business with emerging growth from new products Core Flagship product Aivlosin® continues to grow revenue with improved margins business: Global need to control infectious disease; global usage manages individual market risks Clinical edge with clear advantage
Slide 25: Summary: positive 1H results and set for next phase of growth
25 Summary: positive 1H results and set for next phase of growth Underlying commercial business performed well, with revenue and margin growth Business continues to develop - proven executional ability Progress on new product development towards diversified portfolio R&D Pipeline delivering: • EU ap
Slide 26: Appendix
Appendix ECO) ANIMAL HEALTH
Slide 27: Cash flow statement
27 Cash flow statement CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT Year ended Year ended Six Months ended Six Months ended OF CASHFLOW 31-Mar-24 31-Mar-25 30-Sep-24 30-Sep-25 £'m £'m £'m £'m Profit before income tax 3.0 4.1 (1.4) 1.1 Adjustment for non cash items in the income statem
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