Eurofins Scientific Se · EURONEXT:ERF
Eurofins Scientific — FY2025 Earnings Presentation
35 slides from Eurofins Scientific's earnings presentation, Jan 29, 2026
Slide 1: 2025 Full Year Results
CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd, 2026. All rights reserved. This document contains information that is confidential and proprietary to Eurofins Scientific SE and / or its affiliates and is solely for the use of the personnel of Eurofins Scientific SE and all its af
Slide 2: Disclaimer
Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase securities in Eurofins Scientific S.E. and neither this document nor anything contained or referred to in it shall form the basis of, or be relied on
Slide 3: Agenda
Agenda I. Highlights II. Financial review III. Strategic initiatives IV. Outlook & summary CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (
Slide 4: I. Highlights
I. Highlights CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 4
Slide 5: Key figures and summary
Key figures and summary Summary In €m except otherwise stated FY 2024 FY 2025 +/- • FY 2025 objectives delivered, with strong operating +4.1% organic1 performance and Eurofins starting to reap the benefits from its Revenues 6,951 7,296 +5.0% reported five-year investment programme Adjusted EBITDA 1,
Slide 6: Financial performance strengthened as 2025 progressed
Financial performance strengthened as 2025 progressed Organic revenue growth1 Basic EPS growth 4.4% 30% 3.9% 4.1% 24% 18% • Acceleration of year-on-year growth in H2 2025, for all of organic H1 2025 H2 2025 FY 2025 H1 2025 H2 2025 FY 2025 revenue growth, Basic EPS and Free Cash Flow • Stronger growt
Slide 7: 5-year investment programme continuing, with progress in key initiatives
5-year investment programme continuing, with progress in key initiatives Breakdown of capital expenditures 2022-2025 (€m) 2022 2023 2024 2025 Investments in laboratory network Leasehold improvements (LHI), machinery & • Continued build-out of our best-in-class hub and spoke laboratory network labora
Slide 8: Margin progress demonstrates significant underlying operating leverage of the Eurofins network
Margin progress demonstrates significant underlying operating leverage of the Eurofins network FY 2024: zero FY 2023: just over €20m • c.115bps of underlying operating leverage underpinned adjusted and reported margin improvements + 20bps • Headline adjusted EBITDA margin expansion included absorpti
Slide 9: Eurofins' performance in 2025 showed continuation of pre-COVID historic profit and cash flow growth trends
Eurofins' performance in 2025 showed continuation of pre-COVID historic profit and cash flow growth trends Δ 20192 to CAGR 20192 2020 2021 2022 2023 2024 2025 2025 20193-2025 Revenues (m€) 5,439 6,718 6,712 (COVID revenues) 4,563 6,515 6,951 7,296 + 60% +8% (~€800m) (~€1,400m) (~€600m) Adj. EBITDA (
Slide 10: II. Financial review
II. Financial review CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 10
Slide 11: FY 2025 shows significant improvement from FY 2024
FY 2025 shows significant improvement from FY 2024 Full Year 2024 Full Year 2025 • Revenues increased y-o-y by 5.0% +/- Δ +/- Δ supported by organic growth of 4.1%1 and (€m) Adjusted Reported a strong pace of acquisitions, with Adjusted Reported Adjusted Reported Results Results significant FX headw
Slide 12: Revenue bridge
Revenue bridge (€m) FY 2024: zero FY 2023: just over €20m H1 2025: +3.9%1 176 7,296 H2 2025: +4.4%1 FY 2025: +4.1%1 251 • Organic revenue growth of 4.1%1 in FY 2025; 4.5% in Q4 2025 95 7,024 • FX headwind of 2.2% -22 6,951 • M&A contribution of €174m to consolidated revenues (FY 2025 pro-forma reven
Slide 13: Organic growth by activity
Organic growth by activity Revenues (€m) Commentary Organic growth • Food and Feed Testing: In Europe, solid growth in most countries supported by both pricing attainment and volume growth. North America saw consistent strong growth as robust consumer demand and 7,296 market share gains drove improv
Slide 14: BioPharma organic growth improved in H2, with reduced headwind from Ancillary businesses as comparators ease
BioPharma organic growth improved in H2, with reduced headwind from Ancillary businesses as comparators ease Commentary (€m) BioPharma revenues BioPharma Product Testing and others1 1,042 1,020 • Organic growth remained solid throughout 2025, as Eurofins companies support customers investing 1,000 1
Slide 15: Financial performance by operating segment (total of mature and non-mature scopes)
Financial performance by operating segment (total of mature and non-mature scopes) Europe North America Rest of the World Other* (€m) FY 2024 FY 2025 Δ FY 2024 FY 2025 Δ FY 2024 FY 2025 Δ FY 2024 FY 2025 Δ Revenues 3,549 3,829 +7.9% 2,660 2,685 +0.9% 742 782 +5.5% - - - Reported EBITDA 598 668 +12%
Slide 16: Headwind from recent investments reducing as non-mature assets ramp
Headwind from recent investments reducing as non-mature assets ramp Mature scope Non-mature scope Total (€m) FY 2024 FY 2025 Δ FY 2024 FY 2025 Δ FY 2024 FY 2025 Δ Revenues 6,555 6,756 +201 396 540 +144 6,951 7,296 +345 Reported EBITDA 1,511 1,604 +93 -71 -43 +28 1,439 1,561 +122 % of revenues 23.0%
Slide 17: FY 2025 cash flow overview
FY 2025 cash flow overview FY 2024 FY 2025 Δ Δ% €m €m €m Reported EBITDA 1,439 1,561 Change in net working capital (NWC) 44 51 Income taxes paid -161 -189 Other effects1 -4 -24 • Eurofins self-financed all regular capex and M&A investments in 2025, Net cash provided by operating activities 1,319 1,3
Slide 18: Lower net working capital intensity, with improvement across all major categories
Lower net working capital intensity, with improvement across all major categories NWC intensity Working capital by category 20.4% 19.4% 18.9% receivable1 Accounts €1,381m €1,400m €1,421m • Lower net working capital intensity at 2.7% of revenues, vs 3.8% in 2024 140 0 2023 2024 2025 3.5 % 5.1% 120 0
Slide 19: Credit profile remains strong and maturities extended through successful long-term refinancings
Credit profile remains strong and maturities extended through successful long-term refinancings Leverage1 Debt maturity profile2 (€m) Key Highlights Eurofins’ balance sheet remains very solid Hybrid (1st call) at the end of 2025: Schuldschein Eurobond • Financial leverage1 of 2.2x at the end of 2025
Slide 20: III. Strategic initiatives
III. Strategic initiatives CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 20
Slide 21: Investment in global laboratory network continues at pace, with expansion of owned strategic sites
Investment in global laboratory network continues at pace, with expansion of owned strategic sites Examples of building projects in 2025 Planned additions to owned sites in 2026-2028 Viracor BioPharma Services Genomic Services Lenexa, U.S. Galten, Denmark Leiden, Netherlands 8,800 m² 3,700 m2 Amersf
Slide 22: Strategy to lease less and own more of strategic sites has significantly progressed
Strategy to lease less and own more of strategic sites has significantly progressed Site ownership has strategic value Surface area (m2) by site ownership • Ownership of strategic sites is key to building and efficient hub and spoke laboratory structure: 2018 2024 2025 • Avoids having to move and lo
Slide 23: Related party-property transaction effect on financials
Related party-property transaction effect on financials Effect of real estate on 2025 ROCE Effects on 2025 financial statements Operations Group Owned real estate (i.e. excl. real estate) • Income statement: €1,350m €1,819m • Neutral on 2025 EBITDA Average capital employed, 2025 €3,169m (non-revalue
Slide 24: Investments in start-ups are contributing materially to growth, with losses declining
Investments in start-ups are contributing materially to growth, with losses declining Number of start-ups initiated annually peaked in 2022-23 Start-up investments complement M&A strategy: 50 50 +18 BCPs +49 BCPs • When acquisitions are too expensive or unavailable • High growth markets often lack r
Slide 25: 40 acquisitions closed in 2025 to further bolster our technological capabilities and global footprint
40 acquisitions closed in 2025 to further bolster our technological capabilities and global footprint Acquired companies generated revenues of €286m1 in 2025, at a cost of €261m North America Europe Rest of the World 15 acquisitions 19 acquisitions 6 acquisitions Acquired: Acquired: Acquired: • Mult
Slide 26: We continue to lead in terms of innovation
We continue to lead in terms of innovation Some 2025 examples PFAS Screening and Testing Solutions for Medical Devices1 Eurofins Medical Device Services North America launched a GMP PFAS testing and screening solution, the first developed and commercialized for the medical device industry. This offe
Slide 27: IV. Outlook and summary
IV. Outlook and summary CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 27
Slide 28: 2027 objectives confirmed and objectives for FY 2026 showing continued profitability growth
2027 objectives confirmed and objectives for FY 2026 showing continued profitability growth • Eurofins targets mid-single-digit organic growth and potential revenues from acquisitions of €250m, consolidated at mid-year (€125m consolidated impact in 2026). • The adjusted EBITDA margin on total revenu
Slide 29: Track record of allocating capital with high incremental returns, while also returning cash to shareholders
Track record of allocating capital with high incremental returns, while also returning cash to shareholders COVID CAGR 20193- 20191 2023 2024 2025 period 2025 Adjusted EBITAS (m€) 574 842 1,017 1,079 +11% Capital Employed (m€) 6,304 8,085 8,338 8,459 +5% Capital discipline: ROCE (%) 9.1% 10.4% 12.2%
Slide 30: Summary
Summary Eurofins delivered on 2025 objectives, with accelerating organic revenue growth through the year, margin expansion and higher free cash flow 2025 demonstrated the significant underlying operating leverage of the Eurofins network, even when organic growth is below secular averages High pace o
Slide 31: Q&A
Q&A CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 31
Slide 32: Appendix
Appendix CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 32
Slide 33: Breakdown of revenue by Operating Segment
Breakdown of revenue by Operating Segment 2024 2025 As % of total €m Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Sales 850 897 873 929 3,549 893 962 950 1,024 3,829 52% Europe Organic growth in 5.1% 3.5% 4.9% 2.9% 1.6% 3.6% 5.0% 3.3% the Core Business1 Sales 628 683 663 686 2,660 685 687 660 653 2,685 37% North A
Slide 34: Breakdown of revenue by Area of Activity
Breakdown of revenue by Area of Activity 2024 2025 As % of €m Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY total Sales 664 715 714 776 2,869 718 755 761 809 3,043 42% Life Organic growth in 7.2% 6.7% 7.4% 5.1% 6.1% 7.2% 5.9% 6.1% the Core Business1 Sales 489 511 501 509 2,010 516 526 502 519 2,062 28% BioPharma Or
Slide 35: Definitions / Alternative Performance Measures (APMs)
Definitions / Alternative Performance Measures (APMs) Adjusted results – reflect the ongoing performance of the mature and recurring activities excluding “separately disclosed items”. Separately disclosed items – include one-off costs from network expansion, integration and reorganisation, discontin