Slide 1: Annual Results Presentation
Annual Results Presentation Year ended 30 June 2026 ‘FY 2026’ Solid set of results with improved LFLs, resilient earnings growth and continued M&A progress CEO CFO CVO Richard Fairman Robin Alfonso Paul Higgs
Slide 2: Agenda
Agenda 1 2 3 4 Highlights Financial Review Growth drivers Outlook
Slide 3: Highlights
You'd go to the ends of the earth for them (but we’re much closer by) 1 oo CVS Veterinary Highlights Group
Slide 4: Trading in line with expectations, with future growth in the UK and Australia through M&A
Trading in line with expectations, with future growth in the UK and Australia through M&A We are trading in line with market expectations1 seeing positive like-for-like growth2 We have a strong business model and scalable platform for growth Our purpose We operate in large markets with strong fundam
Slide 5: Solid set of results with improved LFLs, resilient earnings growth and continued M&A progress
Solid set of results with improved LFLs, resilient earnings growth and continued M&A progress Total Revenue £712.8m Like-for-like (LFL) +2.1% Australia sites 57 Client NPS 80.6 + 5.9% + 1.9ppts + 14 + 1.7ppts up from £673.2m in FY 2025 up from 0.2% in FY 2025 up from 43 in FY 2025 up from 78.9 in FY
Slide 6: Our business model and platform for future growth
Our business model and platform for future growth…. 6 Driven by Care, Value and Service
Slide 7: We operate in large markets with established leading positions, underpinned by strong fundamentals
We operate in large markets with established leading positions, underpinned by strong fundamentals Humanisation of pets¹ Owners increasingly prioritise quality, 01 prevention and continuity of care Increased and now stable pet population2 A larger installed base 02 expands the addressable pool for v
Slide 8: Significant opportunity to scale and further consolidate
Significant opportunity to scale and further consolidate Since 1999 CVS has grown mainly through acquisitions and is established in 2 main territories… UK Australia Veterinary c.£6.7bn c.£3.3bn market size5 (FY26 UK revenue: c.£634m) (AUS Annualised revenue c.£100m) No. Practices6 c.5,600 c.3,600 (C
Slide 9: Areas of focus to drive growth
Areas of focus to drive growth 1 Inorganic Expansion 2 Product Development 3 Client Experience 4 Client Awareness and Engagement 9
Slide 10: Financial Review
Werejusta dog walk away Group
Slide 11: Financial Summary
Financial Review Financial Summary1 • Revenue + 5.9% FY 2026 FY 2025 Variance Revenue £712.8m £673.2m +5.9% • Adjusted EBITDA increased +5.1% Like-for-like (LFL) revenue growth1 +2.1% +0.2% +1.9ppts margin stable at 19.9% Adjusted EBITDA1 £141.5m £134.6m +5.1% Adjusted EBITDA Margin1 19.9% 20.0% -0.
Slide 12: Solid growth in Revenue and adjusted EBITDA with margins maintained
Financial Review Solid growth in Revenue and adjusted EBITDA with margins maintained despite national insurance contribution increases and wage inflation Revenue1 growth from acquisitions and Adjusted EBITDA1 benefitting from top line revenue return to like-for-like (LFL)2 growth (£m) growth and sta
Slide 13: Divisional Highlights
Financial Review Divisional Highlights Veterinary Practices Division Laboratory Division Revenue +5.2% Adjusted EBITDA +4.3% Revenue +11.5% Adjusted EBITDA +25.6% 648.2 138.7 35.0 11.3 616.1 133.0 31.4 9.0 577.5 119.7 31.6 9.2 • Revenue and adjusted EBITDA growth benefitting from acquisitions made i
Slide 14: Financial Summary: Adjusted EPS and Free Cash Flow
Financial Review Financial Summary1 Return to Adjusted EPS (p) growth with Free Cash Flow (£m) stable with adjusted EBITDA growth increases in depreciation, interest and offset by one off negative working capital movements effective tax rate normalised + 8% CAGR + 6.9% 72.2 69.2 85.6 59.1 83.3 80.1
Slide 15: Healthy balance sheet and strong cash generation with continued opportunity to deploy capital
Financial Review Healthy balance sheet and strong cash generation with continued opportunity to deploy capital to generate long term shareholder returns Capital and cash generation Uses of capital subject to balance sheet guardrail of < x2 leverage (June 26: 1.63x) 1 Healthy balance sheet and 2 stro
Slide 16: Growth drivers
Pet care as marvellous 4% as they are 9S ey “y UD Growth drivers CVS Veterinary Group
Slide 17: Inorganic opportunity - total addressable markets are large
Growth drivers 1 Inorganic opportunity - total addressable markets are large, with an opportunity for significant growth There is scope to grow - Australia could be a similar size to the UK… Australia Current market Future AUSTRALIA No. of sites 3,600 practices in Australia (vs 5,600 in UK) Market g
Slide 18: Product development – launch of Healthy Pet Club Advanced
Growth drivers 2 Product development – launch of Healthy Pet Club Advanced Steady growth in our Healthy Pet Club subscription revenue Steady increase in HPC revenues (£m) Resilient HPC membership numbers (k) 2026 95.5 2026 508 2025 92.3 2025 519 2024 84.7 2024 503 2023 75.6 2023 489 2022 67.3 2022 4
Slide 19: Client experience – Digital foundations will unlock the ability to extend the client relationship
Growth drivers 3 Client experience – Digital foundations will unlock the ability to extend the client relationship beyond the consulting room Vision: “Pet health in your pocket” Foundations in place: Features live or in trial: Features being developed ˗ One common modern PMS / in testing: ˗ Online C
Slide 20: Client awareness and engagement
Growth drivers 4 Client awareness and engagement what it feels like to be under the care of CVS A consistent national consumer brand…. Increase in awareness and consideration Build stronger client relationships Increase ongoing service and value • Local visibility • Digital journeys • A reason to vi
Slide 21: Outlook
You'd go to the ends of the earth for them (but we’re much closer by) CVS Veterinary Outlook Group
Slide 22: Supported by a resilient business model and attractive acquisition pipeline, CVS is well placed
Supported by a resilient business model and attractive acquisition pipeline, CVS is well placed to deliver sustained growth and long-term value for all stakeholders • Clear strategy to drive organic growth through enhanced client experience, expanded product offering and investment in facilities and
Slide 23: Questions
Questions CVS Group plc Owen Road, Diss, IP22 4ER 01379 644288 Company No. 06312831
Slide 24: Thank You
Thank You Contact details: Investorrelations@cvsvets.com CVS Group plc Owen Road, Diss, IP22 4ER 01379 644288 Company No. 06312831
Slide 25: Appendices
Appendices CVS Veterinary Group
Slide 26: CVS has the characteristics of a growth compounder, with a great investment proposition
Appendix 1 CVS has the characteristics of a growth compounder, with a great investment proposition We operate in large markets with strong 1 6 Shareholder returns fundamentals delivering consistent organic growth Strong free cash flow generation and balance sheet flexibility Driven by resilient dema
Slide 27: There is a strong investment case for Veterinary and CVS
Appendix 2 There is a strong investment case for Veterinary and CVS Why invest in Vets? Secular growth: Pet Population, Humanisation of pets, Advanced Treatment Resilient demand: Most spend is non-discretionary Pricing: Ability to pass on inflationary cost increases through price Why invest in CVS?
Slide 28: 2026 Sustainability report
Appendix 2 2026 Sustainability report Identifying what matters most for better care • Strong progress across all four sustainability pillars: Care for our Planet; Care for our People; Care for our Clients and their Animals; and Care for our Communities • Care for our Planet: The Group reduced operat
Slide 29: Consolidated income statement
Appendix 4 Consolidated income statement FY 2026 FY 2025 FY 2024 FY 2023 FY 2022 Revenue 712.8 673.2 647.3 608.3 554.2 I. Numbers per initially reported results, not restated for subsequent discontinued operations Cost of sales (397.2) (387.5) (369.4) (346.0) (315.1) Gross profit 315.6 285.7 277.9 2
Slide 30: Reconciliation of adjusted EBITDA
Appendix 5 Reconciliation of adjusted EBITDA (£m) FY 2026 FY 2025 FY 2024 FY 2023 FY 2022 Adjusted EBITDAi 141.5 134.6 127.3 121.4 107.4 I. Financial measures are defined on page 33 Adjusted for: II. Numbers per originally reported and not restated for discontinued operations Finance expense (15.6)
Slide 31: Cashflow and net bank borrowings
Appendix 6 Cashflow and net bank borrowings FY 2026 FY 2025 FY 2024 FY 2023 FY 2022iii 141.5 134.6 127.3 121.4 107.4 I. Financial measures are defined on page 33 Adjusted EBITDAi II. Numbers per originally reported and not restated for Working capital movements (12.8) (3.9) (12.5) (10.9) (14.0) disc
Slide 32: Sources
Appendix 7 Sources Slide 6 1. https://www.pdsa.org.uk/media/15783/pdsa-paw-mini-report-2025.pdf 2. https://www.ukpetfood.org/industry-hub/data-statistics-/uk-pet-population-.html 3. https://healthforanimals.org/reports/pet-care-report/global-trends-in-pet-health/ Slide 7 4. https://healthforanimals.
Slide 33: Definitions
Appendix 8 Definitions The Directors believe that alternative performance measures provide additional useful information for shareholders. These measures are used by the Board and management for planning, internal reporting and setting Director and management remuneration. In addition, they are used
Slide 34: Disclaimer
Appendix 9 Disclaimer This presentation has been prepared by and is the sole responsibility of the directors of CVS Group plc (the “Company”). This presentation does not constitute a recommendation or advice regarding the shares of the Company nor a representation that any dealing in those shares is
Slide 35: Thank You
Thank You CVS Group plc Owen Road, Diss, IP22 4ER 01379 644288 Company No. 06312831