Animalcare Group Plc · LSE:ANCR
Animalcare — Q2 2025 Earnings Presentation
31 slides from Animalcare's earnings presentation, Oct 6, 2025
Slide 1: Interim Results 2025
I N VESTO R P R ES E N TAT I O N Interim Results 2025 September / October 2025 Jenny Winter, Chief Executive Officer Chris Brewster, Chief Financial Officer
Slide 2: Agenda
Agenda: • Introduction to Animalcare • Financial Review • Strategy • Summary & Outlook Jenny Winter Chris Brewster CEO CFO
Slide 3: An international veterinary pharmaceutical company
An international veterinary pharmaceutical company Focused on strong and growing niches of global markets Companion Production Diversified revenue profile Equine Animals Animals Market Geography Largest market and Strengthened presence Largely in Southern historically our main area with the acquisit
Slide 4: Increasingly attractive portfolio
Increasingly attractive portfolio Delivering organic and acquisitive growth Portfolio evolving in two ways: Top 10 products represent c40% of total sales • From “distribution” based business to majority of IP either owned or built on a long-term and sustainable licence (~70% of revenues) H125 • From
Slide 5: Strategic execution delivering strong performance
Strategic execution delivering strong performance STRATEGIC EXECUTION STRONG FINANCIAL PERFORMANCE Strong performance from Randlab and Revenue up 18.5% at AER to £43.8m integrating progressing well (20.8% at CER) Flagship brands continuing to deliver double-digit growth H1 FY25 Organic revenue up 1.
Slide 6: Randlab: strong delivery as part of Group
Randlab: strong delivery as part of Group Building a leading franchise in the global equine market £’m 14% organic revenue growth (CER) 7 Future opportunities 6 • Growth within the core portfolio and Equine Franchise expansion of export market sales 5 • Potential to build a significant Equine 4 fran
Slide 7: Financial Review
Financial Review GROUP
Slide 8: Strong H1 performance; FY25 in line with expectations
Strong H1 performance; FY25 in line with expectations Revenue Underlying1 EBITDA ↑18.5% (↑20.8% CER) ↑39.5% 2025 2024 2025 2024 H1 £43.8m £9.2m H1 £43.8m £9.2m H1 H1 £36.9m £6.6m Underlying EBITDA margin 21.1% (H1 2024: 18.0%) Gross margin 2025 2024 Net debt2 2025 2024 ↑1.4% H1 57.9% H1 57.9% (£7.9m
Slide 9: Strong growth in EBITDA and EPS
Strong growth in EBITDA and EPS Overview of H1 financial results Change at Revenue increase of 18.5% (20.8% at CER) £’m 2025 2024 AER • Growth accelerated reflecting the significant contribution from Randlab Revenue 43.8 36.9 18.5% • Organic growth at 1.3% (2.4% at CER) – strong growth in flagship b
Slide 10: Growth across all product categories
Growth across all product categories Driven by key brands and the acquisition of Randlab £24.9m ↑1.7% Companion Animals – Strong momentum from key brands £9.0m • Revenue up 1.7% to £24.9m, underpinned by strong double-digit growth in ↑1.4% Daxocox (c.39%) and dental range - Orozyme and Plaqtiv+ (c.3
Slide 11: Strong cash generation and financial position
Strong cash generation and financial position Balance sheet strength enables continuing investment in M&A 2025 2024 • Cash conversion at 70.6% - in line with expectations and on track to Underlying EBITDA (cont. & discontinued) £9.2m £6.9m deliver target of 80% for FY25 Net working capital movement
Slide 12: Capital allocation
Capital allocation Strong cash generation and balance sheet enables simultaneous investment in innovation and M&A Track record of strong underlying operating cash flows – Capital priorities Strong cash generation and balance sheet enables significantly scaled through the acquisition of Randlab simul
Slide 13: Strong first half trading performance
Strong first half trading performance While continuing to deliver strategic priorities Double-digit Randlab performing 25% strategic equity Strong free cash highlights Financial revenue and profit in line with stake in InVetro – generation with growth expectations entry into CA proforma leverage at
Slide 14: Building blocks of our strategy
Building blocks of our strategy
Slide 15: Executing our growth strategy
Executing our growth strategy Organic growth 1 Inorganic growth 2 New product development 3 Drive organic growth through Continue to build scale Build a balanced pipeline for commercial excellence, new through acquisitions, in- products to launch in next 1-7 product launches and licensing deals and
Slide 16: Building the franchises: Daxocox & Plaqtiv+
1 Building the franchises: Daxocox & Plaqtiv+ Daxocox Plaqtiv+ Growth from launching new strengths and indications and Growth from building on existing expertise and relationships entering new geographies to increase penetration of existing and new markets H1 updates: H1 updates: • Two new tablet st
Slide 17: M&A an important strategic pillar to scale
2 M&A an important strategic pillar to scale Pipeline of opportunities through to 2030 Opportunity assessment: active and disciplined Geography Companies Early assets Generate /brands cash Launch 2 Grow planning NBO 1 Invest: In-depth 6 1 Acquire • Promote existing brands discussion • In-licensing a
Slide 18: Investing in R&D to drive long-term growth and scale
3 Investing in R&D to drive long-term growth and scale The animal health market is expected to rejuvenate in ... thanks to its innovative nature and the the mid-term, driven by innovation… launch of new product 18
Slide 19: 5 transformative programmes in our R&D pipeline
3 5 transformative programmes in our R&D pipeline Launches: Between 2027 and 2032 Global PYS > £15m each (vs current largest product of ~£5m) Sweet Antibody Itch Equine 2030 - 2032 2030 Daxocox US 2027 Pain Pain Equine Cat & Dog 2030 - 2032 2030-2032 Randlab NPD not shown 19 30 September 2025
Slide 20: Targeting significant disease areas
3 Targeting significant disease areas With large unmet needs, in areas aligned to our strengths Equine Equine Companion Equine Companion Animals Animals Sweet Itch Pain (E6132) Pain (E6132) Antibody (NGF) - Pain Daxocox US Strategic Affects c7.5% of A long-acting oral and injectable Building Extendi
Slide 21: A balanced strategy to drive transformative growth
A balanced strategy to drive transformative growth All three pillars are important to achieve our ambitions New Product 3 Development • Organic: Expanding our successful franchises • Inorganic: Active M&A programme, supported by a strong balance sheet and success of 2 Inorganic Randlab acquisition •
Slide 22: Well-positioned for further success
Well-positioned for further success • Momentum carried into the first half delivering double- digit revenue and profit growth Firepower to Increasingly • Successful integration of Randlab, providing a platform execute attractive for further growth further M&A portfolio • Continued organic growth dri
Slide 23: Appendix
APPENDIX S, Ani “S) Animalcare Y GROUP
Slide 24: Well-equipped to exploit growth opportunities
Well-equipped to exploit growth opportunities Increasingly attractive and Proven management team In a growing market with diversified product portfolio supported by highly skilled global opportunities to scale people the business Increasing number of Global market expected to >25% of employees are n
Slide 25: General information
General information Share Price 240p (at 29 September 2025) Major shareholders (at 29 August 2025) % of Share Capital Market AIM Alychlo NV (investment firm of Marc Coucke NED) 22.63% Ticker ANCR Liontrust Asset Management 10.48% Market Cap £171m Harwood Capital LLP 9.51% Ord. shares in issue 68.98m
Slide 26: Board of Directors
Board of Directors Ed Torr, Independent Non-Executive Chairman Sylvia Metayer, Senior Independent Director Ed brings significant experience of business development and product After beginning her career as an auditor, Sylvia has gone on to build a highly development in the animal health sector. He w
Slide 27: Consolidated income statement
For the six months ended 30 June Non- Non- Consolidated income Underlying Underlying Notes Underlying (note 3) Total Underlying (note 3) Total 2025 2025 2025 2024 2024 2024 £'000 £'000 £'000 £'000 £'000 £'000 statement Revenue 4 43,759 − 43,759 36,915 − 36,915 Cost of sales (18,442) (680) (19,122) (
Slide 28: Consolidated cash flow
For the six months Consolidated cash flow ended 30 June 2025 2024 £'000 £'000 Operating activities Profit before tax from continuing operations Profit before tax from discontinued operations Profit before tax 4,012 − 4,012 6,023 13,685 19,708 for the six months ended 30 June Non-cash and operational
Slide 29: Foreign exchange effects
Foreign exchange effects Translation effects • Group is exposed to translational impact of foreign currencies, in Companion Animals particular EUR and AUD. Certain are mitigated via hedging • FY25 has seen significant volatility YTD for GBP:AUD and GBP:EUR. The net strengthening of GBP:EUR versus pr
Slide 30: ANCR post-merger dividends
ANCR post-merger dividends Total dividend return to shareholders since 2017 is £21.7m Analysis 2017 2018 2019 2020 2021 2022 2023 2024 Total (pence) Interim 4.7 2.0 2.0 2.0 2.0 2.0 2.0 2.0 18.7 dividend Final dividend 2.0 2.4 -** 2.0 2.4 2.4 3.0 3.0* 17.2 Total for FY 6.7 4.4 2.0 4.0 4.4 4.4 5.0 5.0
Slide 31: Disclaimer
Disclaimer The information contained in this confidential document (“Presentation”) has been prepared by the Company. It has not been verified by the Company and is subject to material updating, revision and further amendment. This Presentation has not been approved by an authorised person in accord