Siegfried Holding Ag · SIX:SFZN
Siegfried — FY2024 Earnings Presentation
29 slides from Siegfried's earnings presentation, Feb 18, 2025
Slide 1: Siegfried reports continued profitable growth fueled by strong underlying business
Siegfried reports continued profitable growth fueled by strong underlying business Full-Year Results 2024 Zurich, February 18, 2025
Slide 2: Safe harbor statement
Safe harbor statement This document is solely for use in connection with the presentation held by Siegfried Holding AG. It is furnished to you for your information only and you may not reproduce or redistribute it to any other person. No representation or warranty, express or implied, is made to, an
Slide 3: Key highlights full-year 2024
Key highlights full-year 2024 Siegfried reports continued profitable growth fueled by strong underlying business Net sales Core EBITDA margin Outlook 2025 Net sales CHF 1,294.6 million 22.1% mid-single digit + 3.0% in LC prior year: growth in LC + 1.8% in CHF 21.5% Core net profit Strategy Outlook 2
Slide 4: Operational highlights 2024
Operational highlights 2024 Safety, supply reliability and quality are our licenses to do business Safety Supply reliability (OTIF) Quality Compared to 2023 Certified to deliver to -32% >92% >180 lost time injury frequency rate supply reliability1 countries Our health and safety program Full focus o
Slide 5: Sustainability highlights 2024
Sustainability highlights 2024 We translate our sustainability actions into a competitive advantage We continued to reduce our We help our customers to reduce Integrity, culture and people environmental footprint their environmental footprint Up to -45.7% -50% 48% of carbon emissions reduced1 reduct
Slide 6: Strategy execution highlights 2024
Strategy execution highlights 2024 We strengthened our footprint in the US and expanded our customer offering into early-phase development Siegfried Acceleration Hub Grafton Drug Products Drug Substances US Spain Switzerland Germany China Pennsville Barberà del Zofingen Hameln Nantong Irvine Vallès
Slide 7: Financial update
Financial update 7 | FY 2024 Presentation
Slide 8: Strong underlying business growth
Strong underlying business growth Headwinds more than off-set 3% growth y-o-y Comments Currency In 2024, all top-line headwinds materialized 8-9% growth of as expected: underlying business1 – Vaccines business phased out Vaccines CHF 30m-40m Destocking CHF 20m-30m – Most of destocking over, only c.
Slide 9: FY 2024: Another year of growth
FY 2024: Another year of growth Strong above-market growth of underlying business in both business lines Net sales split FY 2024 Net sales FY 2024 vs FY 2023 CHF million FY 2024 FY 2023 Change Drug Substances 891.9 860.0 +3.7% (+4.5% in LC) Drug Products 402.7 411.5 -2.1% (-0.1% in LC) Total 1 294.6
Slide 10: Reconciliation for FY 2024
Reconciliation for FY 2024 From Swiss GAAP FER to Core results CHFm Adjustments to Core EBITDA CHF 1.6m 290 284.0 1.6 285.6 280 Core numbers / core adjustments − Discount rate effect on foreign pension plan 270 (CHF -1.4m) 260 − Current net interest foreign pension plan 250 (CHF 3.0m) 240 230 220 21
Slide 11: Profitability not only protected but increased
Profitability not only protected but increased More than off-set phasing out of profitable vaccines business Comments +1.8% CHFm 1,300 1,294.6 − Resilient, well diversified business portfolio: 1,271.5 2023 Profitability not only protected but +2.7% 2024 enhanced − Keys to success +4.5% Margin in % 3
Slide 12: Resilience through diversification
Resilience through diversification Diversification of our customer and revenue bases promotes stability and future growth Customer diversification Life-cycle diversification Product diversification Top product (6%) Top customer (10-20%) Products 2-10 (27%) Customer 2 (9%) CHF Pre-clinical/phase 1 (<
Slide 13: FY 2024: Profitability further increased despite change in mix
FY 2024: Profitability further increased despite change in mix Enhanced financial management contributes to bottom line CHF million FY 2024 FY 2023 Comments Net sales 1 294.6 1 271.5 Cost of goods sold -965.5 -951.1 – Core gross profit further increased, despite change in mix Core gross profit 329.1
Slide 14: Robust operating cash generation
Robust operating cash generation Off-set by one-time effect and phasing CHF million FY 2024 FY 2023 Comments Operating cash flow before changes in NWC 268.0 262.0 Change in NWC -99.2 -53.4 – Significant progress made in net working capital management, with nearly CHF 60 million cash released from in
Slide 15: Capital allocation framework for long-term value creation
Capital allocation framework for long-term value creation Laser focus on M&A and margin expansion Value accretive M&A Expanding margins Strong top- − M&A is always on line growth − Economies of scale − Adding − Bringing assets on stream – Scale – Abilities − Portfolio optimization – Technology + − O
Slide 16: Outlook
Outlook 16 | FY 2024 Presentation
Slide 17: Siegfried is set to outpace market growth across key segments
Siegfried is set to outpace market growth across key segments EVOLVE+ is geared towards capitalizing on positive long-term trends + Siegfried EVOLVE Industry outlook estimates (CAGR 2024 – 2030) Small molecules Oral solids Injectables Ophthalmic Cell & gene therapy 5–7% 4–6% 7–9% 5–7% >25% Increased
Slide 18: Paving the way for continued profitable growth EVOLVE+
Paving the way for continued profitable growth Our strategy EVOLVE+ EVOLVE+ Broaden our Grow existing core Enter and grow new areas technological offering Small molecules (DS and DP) DS antibodies Advanced production technologies End-to-end offering of DS and DP Cell & gene therapy (CGT) Bridging Or
Slide 19: Paving the way for continued profitable growth EVOLVE+
Paving the way for continued profitable growth Our strategy EVOLVE+ EVOLVE+ Broaden our Grow existing core Enter and grow new areas technological offering Small molecules (DS and DP) DS antibodies Advanced production technologies End-to-end offering of DS and DP Cell & gene therapy (CGT) Bridging Or
Slide 20: Broadening our technological offering
Broadening our technological offering Technology upgrades currently in execution as part of EVOLVE+ Siegfried's diversified technology offering Key projects in execution Pre-filled syringes / cartridges Pre-filled Analytical Additional manufacturing lines in Hameln, DE syringes / and process cartrid
Slide 21: Paving the way for continued profitable growth EVOLVE+
Paving the way for continued profitable growth Our strategy EVOLVE+ EVOLVE+ Broaden our Grow existing core Enter and grow new areas technological offering Small molecules (DS and DP) DS antibodies Advanced production technologies End-to-end offering of DS and DP Cell & gene therapy (CGT) Bridging Or
Slide 22: Commercial Excellence
+ Commercial Excellence Go-to-market strategy and NWC optimization is in full execution Go-to-market strategy implemented Project FALCON implemented Optimization of all NWC elements Segmentation Prioritization Focus on small/medium pharma Focus on 2000 potential targets across our network to release
Slide 23: Development Excellence
+ Development Excellence Reducing the development phase is the key to extend exclusivity Development phase Commercial phase Pre-clinical / Phase II Phase III Large scale manufacturing Loss of exclusivity Phase I Pre-clinical Phase II Phase III Large scale manufacturing Loss of exclusivity / Phase I
Slide 24: Operational Excellence
+ Operational Excellence Example Malta: AI-enhanced Value Stream Mapping frees up space for further organic growth Quality Analytics Production Packaging control Lead time Quality Analytics Production Packaging control Roll-out across Throughput time reduced from 50 25 to days the Siegfried network
Slide 25: Siegfried is set to outpace market growth across key segments
Siegfried is set to outpace market growth across key segments Onwards and upwards, step-by-step and year after year Positive mid-term outlook confirmed – Continued profitable growth above market (excl. M&A) – Stepwise expanding profitability – Capital expenditures of low teens – Value accretive M&A
Slide 26: Q&A FY 2024 Presentation
26 | FY 2024 Presentation Siegfried
Slide 27: Thank you for your attention
April 10, 2025 AGM August 21, 2025 Half-Year Results Thank you for your attention 27 | FY 2024 Presentation
Slide 28: Thank you for your attention
Siegfried | Thank you for your attention
Slide 29: Appendix
Appendix Further financial details for 2025 CapEx Low teens % of net sales Effective tax rate Below 20% Currency impact From today’s perspective between 0% and 0.5% headwind Net sales − From 2022 to 2024 the revenue split between H1 and H2 was on average 48%:52% H1 vs H2 − Effect expected to be sign