Applied Nutrition Plc · LSE:APN
Applied Nutrition — FY2025 Earnings Presentation
32 slides from Applied Nutrition's earnings presentation, November 2025
Slide 1: Applied Nutrition FY25 Results Presentation
Applied Nutrition FY25 Results Presentation Applied Nutrition plc | November 2025 1
Slide 2: Topics and Meet the Presenters
TOPICS MEET THE PRESENTERS At a Glance Key Messages FY25 Performance Market Opportunity THOMAS STEVEN JOE Strategic Update RYDER GRANITE POLLARD Outlook Founder and Group CEO Group COO Group CFO Applied Nutrition plc | November 2025 2
Slide 3: Applied Nutrition at a Glance
APPLIED NUTRITION AT A GLANCE GROWING MARKET GLOBAL FOOTPRINT SUCCESSFUL B2B MODEL Low risk, highly cost-effective go-to-market strategy CAGR Global sports nutrition, health Countries sold into Leverage local marketing expertise globally through distributors and wellness market projected to grow to
Slide 4: Significant Strategic Progress, Delivery Ahead of IPO Guidance
SIGNIFICANT STRATEGIC PROGRESS, DELIVERY AHEAD OF IPO GUIDANCE STRONG FY25 TRADING STRATEGY DELIVERING CONFIDENT FOR FY26 AND BEYOND Revenue ahead of recently upgraded Deepened relationships with existing Strong acceleration in sales growth market expectations customers in Q4 FY25 has continued into
Slide 5: FY25 Performance
Applied Nutrition plc | November 2025 5
Slide 6: FY25 Financial Highlights
FY25 FINANCIAL HIGHLIGHTS Revenue Gross profit Adjusted EBITDA Up 24.2% Up Up19.4% xx% UpUp 18.8% 18.7% Adjusted EBITDA margin Free cash flow conversion Net cash In line with IPO guidance FY24: 35.3% Applied Nutrition plc | November 2025 6
Slide 7: Strong Performance
STRONG PERFORMANCE GROUP REVENUE REVENUE BY GEOGRAPHY All geographies increased sales during the year with H2 being 120 +24% particularly strong, delivering approximately £60m of revenue 60 +44% 107.1 100 +3% 50 48.4 UK grew by 44% in the year as we 86.2 43.1 continued growth in newer 41.9 80 channe
Slide 8: Robust Gross Margin Despite Whey Prices Rising
ROBUST GROSS MARGIN DESPITE WHEY PRICES RISING 60% 50% 47.9% 0.7% 0.2% 46.0% 44.7% (2.2%) (0.6%) 4 year 40.2% average: 44.7% 40% 30% 20% 10% 0% Applied Nutrition plc | November 2025 8
Slide 9: Diverse and Balanced Product Mix Supports Margin Stability
DIVERSE AND BALANCED PRODUCT MIX SUPPORTS MARGIN STABILITY • Diverse and balanced product mix limits exposure to products where whey protein is the predominant FY25 PRODUCT MIX (%) ingredient (19% of Group sales in FY25) 1 Weight Management 5 17 • Proven track record of maintaining Adjusted EBITDA 1
Slide 10: Administrative Expenses and EBITDA Margin
ADMINISTRATIVE EXPENSES AND EBITDA MARGIN ADMIN EXPENSES AS A % OF REVENUE1 ADJUSTED EBITDA MARGIN Admin expenses (as a % of 18.8% 18.2% revenue) marginally reduced due to increased efficiencies as Company scales 15.2% 30.5% 30.2% 29.7% 29.0% EBITDA margin in line with 11.8% guidance at IPO Reductio
Slide 11: Cash Flow
CASH FLOW Working capital growth £30.9m slightly below increase in (£1.7m) revenue due to careful management in comparison to the growth (£7.3m) £0.6m £18.7m £18.5m CAPEX of £1.0m to expand (£6.3m) (£1.0m) (£0.4m) (£0.3m) capacity significantly, as guided at IPO (£14.7m) Continued strong cash genera
Slide 12: Customer Concentration
CUSTOMER CONCENTRATION CUSTOMER CONCENTRATION OVER TIME CUSTOMERS TEND TO GROW • No single customer is >10% of Group revenue • Customers tend to grow with us over time • We do not see distorted financial results for new • We have a significant number of customers under customers placing large orders
Slide 13: Approach to Capital Allocation
APPROACH TO CAPITAL ALLOCATION POLICY DELIVERY AND GUIDANCE Results delivered above market guidance Drive shareholder returns Dividends and/or share buybacks will be considered at the appropriate time Completed a manufacturing extension increasing production capacity for up to Invest to drive organi
Slide 14: Market Opportunity
Applied Nutrition plc | November 2025 14
Slide 15: From the Health Conscious to Elite Athletes
FROM THE HEALTH CONSCIOUS TO ELITE ATHLETES Requiring scientifically-formulated performance nutrition to PERFORMANCE maximise output, speed up recovery, and maintain ATHLETE (6%*) competitive edge ELITE Constantly seeking advanced supplements to optimise strength, endurance, and physique with precis
Slide 16: Strategic Update
Applied Nutrition plc | November 2025 16
Slide 17: Delivery in Line with Our Strategic Priorities
DELIVERY IN LINE WITH OUR STRATEGIC PRIORITIES EXISTING CUSTOMERS NEW CUSTOMERS D2C Increase distribution New New customers and Increase shelf space D2C end points geographies channels • Deeper engagement with • Increased distribution • Extended global footprint, • In the UK, significant new • Impro
Slide 18: Case Study – Holland and Barrett
CASE STUDY – HOLLAND AND BARRETT Enabled opportunity to launch key NPD such as the Coleen Rooney range Allowed us to launch and operate in multiple categories across the retailer – Sports Powders & Supplements, Drinks, VHMS, Weight Management and Superfoods Set collaborative strategic goals Strong,
Slide 19: Successful New Product Development Engine
SUCCESSFUL NEW PRODUCT DEVELOPMENT ENGINE Have a deep understanding of the needs for all customers, acting nimbly to expand product ranges through in- house NPD NPD is focused on: 1. Filling opportunity gaps 2. Keeping products fresh 3. Accessing emerging trends Applied Nutrition plc | November 2025
Slide 20: New Global Distribution Facility
NEW GLOBAL DISTRIBUTION FACILITY Estimated investment of £3.5 to £4.0m Increase storage capacity by an estimated 180% Improve margins by eliminating the need for use of external third-party warehousing and reduce inefficiencies resulting from these multiple locations of stock Additional single-site
Slide 21: Production Expansion
PRODUCTION EXPANSION Expected FY26 / FY27 Capex Plan now to invest approx. £2.0m to £2.5m to ensure the business has the August June operations to support continued expansion, drive efficiencies and reduce reliance 2024 2025 2025 on outsourced providers INCREASED AUTOMATION AND CAPACITY Completion o
Slide 22: Enhancing Visibility and Credibility Across the Globe
ENHANCING VISIBILITY AND CREDIBILITY ACROSS THE GLOBE Designed to deliver a strong, trusted brand that drives demand and makes us the product of choice for consumers Focus is not only on reaching end users but also on equipping distributors with the tools, messaging, and brand equity needed to accel
Slide 23: Outlook
Applied Nutrition plc | November 2025 23
Slide 24: Confident for FY26 and Beyond
CONFIDENT FOR FY26 AND BEYOND Strong acceleration in sales growth in Q4 FY25 has continued Continue to see encouraging Capital investment to further into Q1 FY26 trends in market share increase capacity and capabilities Given FY26 is still at an early to support continued growth Clear opportunity to
Slide 25: Ingredients for Success in the Sports Nutrition, Health and Wellness Market
INGREDIENTS FOR SUCCESS IN THE SPORTS NUTRITION, HEALTH AND WELLNESS MARKET 1. 2. 3. 4. SIGNIFICANT MARKET TRUSTED BRAND WITH BROAD SUCCESSFUL B2B SCALED IN-HOUSE OPPORTUNITY CONSUMER APPEAL BUSINESS MODEL MANUFACTURING CAPABILITY Global market opportunity A trusted brand, with broad Benefiting from
Slide 26: Appendix
Applied Nutrition plc | November 2025 26
Slide 27: Our Vision
OUR VISION Applied Nutrition plc | November 2025 27
Slide 28: The Applied Nutrition Ranges
THE APPLIED NUTRITION RANGES Select products: Launched in 2014, a high Launched in 2016, a highly Launched in 2023, a range of Launched in 2022, a Range quality & trusted brand with formulated, premium range entry-level products aimed at specialist product range description competitive pricing and t
Slide 29: Segmental Performance
SEGMENTAL PERFORMANCE BY RANGE (%) 9 8 BodyFuel ABE 25 24 White Label 25% 57 2024 2025 Endurance 60 57% Applied Nutrition 6 7 White label 1.5 White label 7% 2 B2B V D2C (%) 10 9 10% 2024 D2C B2B 2025 90% 90 91 Applied Nutrition plc | November 2025 29
Slide 30: Established and Diverse Routes-to-Market
ESTABLISHED AND DIVERSE ROUTES-TO-MARKET Retailers Distributors Gyms / Sports clubs D2C White label • Specialty stores • Sports Nutrition specialist • Commercial gyms • Applied Nutrition website • Manufacture of products • Discounters distributors • Sports clubs (e.g. football (UK, US) for selected
Slide 31: Why We Will Continue to Win Market Share Over the Long-Term
WHY WE WILL CONTINUE TO WIN MARKET SHARE OVER THE LONG-TERM Great We make products that look great, feel great, taste great, using expert 1 products formulation and all at a competitive price Highly We are able to bring new products to the market quickly and efficiently, keeping 2 effective NPD prod
Slide 32: Board with Significant Expertise to Deliver Future Success
BOARD WITH SIGNIFICANT EXPERTISE TO DELIVER FUTURE SUCCESS Thomas Ryder Steven Granite Joe Pollard Founder & Group CEO Group COO Group CFO Executive 2014 (inception) – present 2020 – present 2021 – present Directors 15+ years of experience in the Previously CEO of a private equity- Previously Direct