Eurofins Scientific Se · EURONEXT:ERF
Eurofins Scientific — H1 2025 Earnings Presentation
28 slides from Eurofins Scientific's earnings presentation, Jul 23, 2025
Slide 1: H1 2025 Results Presentation
CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd, 2025. 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. Outlook & summary CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly p
Slide 4: I. Highlights
I. Highlights CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [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. 4
Slide 5: Strong set of results in H1 2025
Strong set of results in H1 2025 Financial highlights Strategic highlights H1 H1 In €m except otherwise stated +/- % Prudent capital allocation for long-term 2024 2025 value creation Revenues 3,419 3,612 +5.7% • Highest level of semi-annual revenues achieved by Eurofins in its • Strong pace of acqui
Slide 6: Plan to acquire related party-owned sites in H2 2025
Plan to acquire related party-owned sites in H2 2025 Very high approval (95.6%) at 2025 AGM1 • Concerning purchase of related party-owned sites and campuses of a strategic interest for Eurofins companies. • Eurofins plans to finance the acquisition of these sites in H2 2025 by issuing long-term debt
Slide 7: Further progress with site ownership strategy and plan to acquire related-party sites in H2 2025
Further progress with site ownership strategy and plan to acquire related-party sites in H2 2025 Increasing proportion of owned sites Site ownership has high value Surface area (m2) by site ownership Site ownership is key to expanding high-throughput laboratory 2018 2024 H1 2025 campuses and buildin
Slide 8: Continued expansion of owned strategic sites in our global laboratory network
Continued expansion of owned strategic sites in our global laboratory network Examples of building projects in 2025 Planned additions to owned sites in 2025-2026 Environment Testing/Food & Feed Testing Environment Testing Lidköping, Sweden Chicago U.S. >2,300 m² renovated/expanded bringing total 4,6
Slide 9: Improving reported EBITDA margins and declining SDIs in both mature and non-mature scopes
Improving reported EBITDA margins and declining SDIs1 in both mature and non-mature scopes Mature scope Non-mature scope Total (€m) H1 2025 H1 2024 Δ H1 2025 H1 2024 Δ H1 2025 H1 2024 Δ +132 +62 +193 Revenues 3,361 3,230 251 189 3,612 3,419 (+4%) (+33%) (+6%) Reported EBITDA 793 740 +53 -20 -26 +6 7
Slide 10: Start-ups continue to contribute materially to growth, but losses are on the decline
Start-ups continue to contribute materially to growth, but losses are on the decline Long track record Strategic rationale Contributions by start-ups in H1 2025 Number of start-ups initiated Complements M&A strategy: • When acquisitions are too expensive or Organic growth contribution Programme Tota
Slide 11: 22 acquisitions closed in H1 2025 to augment our technological capabilities and global footprint
22 acquisitions closed in H1 2025 to augment our technological capabilities and global footprint Acquired companies generated revenues of about €210m in 2024 Cost of €158m reflects sales multiple of 0.75x North America Europe Rest of the World 9 acquisitions 9 acquisitions 4 acquisitions Acquired: A
Slide 12: II. Financial review
II. Financial review CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [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. 12
Slide 13: H1 2025 results well ahead of H1 2024
H1 2025 results well ahead of H1 2024 Half Year 2025 Half Year 2024 • Reported revenues increased y-o-y by +/- Δ +/- Δ 5.7% supported by solid organic growth of (€m) Adjusted SDIs Reported Adjusted SDIs Reported Adjusted Reported 3.9%1 and a strong pace of acquisitions, Results Results Results Resul
Slide 14: Revenue bridge
Revenue bridge (€m) 3,612 Q1 2025: +3.9%1 Q2 2025: +3.9%1 H1 2025: +3.9%1 • Negative FX effect in H1 (-0.7%) as tailwind in Q1 (+1.2%) became headwind in Q2 (-2.5%) mostly due to appreciation of the Euro vs U.S. 3,484 dollar • Organic revenue growth of 2.9% (3.9% including adjustment for PWD) 3,419
Slide 15: 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 strong growth as well as increased customer +3.9%1 interest for its product design and devel
Slide 16: Resilient growth in BioPharma Product Testing and CDMO in Canada while challenges remain in Discovery, Genomics
Resilient growth in BioPharma Product Testing and CDMO in Canada while challenges remain in Discovery, Genomics and ancillary activities with comparables expected to ease for ancillary activities Commentary (€m) BioPharma revenues BioPharma Product Testing and others1 1,000 1,010 1,042 • Solid growt
Slide 17: 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 (€m) H1 2025 H1 2024 Δ H1 2025 H1 2024 Δ H1 2025 H1 2024 Δ Revenues 1,855 1,748 +6.2% 1,371 1,311 +4.6% 386 360 +7.1% Reported EBITDA 306 292 +5.0% 392 356 +10.0% 96 84 +13.9% Re
Slide 18: H1 2025 cash flow overview
H1 2025 cash flow overview H1 2024 H1 2025 • Stable Free Cash Flow to the Firm and cash Δ€m Δ% €m €m conversion2: Reported EBITDA 714 773 +59 +8% o Increased EBITDA (+8% y-o-y) Change in net working capital (NWC) -78 -117 -40 o Higher seasonal outflow year-on-year for Income taxes paid -98 -112 -13
Slide 19: Continued investment to expand and enhance our physical and technological presence
Continued investment to expand and enhance our physical and technological presence Infrastructure1 & IT² capex (€m) Net operating capex Capex/ H1 2025 capex split: Revenues: 9.6% 645 8.3% • 69% Net operating capex: 7.5% 544 518 o 16% IT o 31% Machinery & Net operating Laboratory Equipment capex €392
Slide 20: Net working capital
Net working capital 2.3% NWC intensity 2.0% 2.1% Inventory 6.8% 6.3% €150m €142m €146m 5.5% H1 2023 H1 2024 H1 2025 • Net working capital at 5.5% of revenues (-80bps y-o-y) 20.1% 19.8% 145 0 20.7% 140 0 135 0 • Lower DSOs2 at 56 days vs 59 receivable1 Accounts 130 0 125 0 days in H1 2024 €1,417m €1,
Slide 21: 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 Target range Hybrid (1st call) Eurofins’ balance sheet remains very solid FY 2027 Schuldschein at the end of June 2025: 1.5x-2.5x objective: towards Eu
Slide 22: III. Outlook
III. Outlook CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [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. 22
Slide 23: Objectives for FY 2025 and to FY 2027
Objectives for FY 2025 and to FY 2027 • Mid-single-digit organic growth and potential average revenues from acquisitions of €250m consolidated at mid-year • Adj. EBITDA margin1 is expected to continue improving over the level in FY 2024 of 22.3% • SDI at the EBITDA level should be slightly lower in
Slide 24: Q&A
Q&A CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [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. 24
Slide 25: Appendix
Appendix CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [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. 25
Slide 26: Breakdown of revenue by Operating Segment
Breakdown of revenue by Operating Segment €m H1 2025 As % of total H1 2024 As % of total Y-o-Y variation % Organic growth Europe 1,855 51% 1,748 51% 6.2% 2.2% North America 1,371 38% 1,311 38% 4.6% 2.5% Rest of the World 386 11% 360 11% 7.1% 8.3% Total 3,612 100% 3,419 100% 5.7% 2.9% €m Q2 2025 As %
Slide 27: Breakdown of revenue by Area of Activity
Breakdown of revenue by Area of Activity Y-o-Y variation €m H1 2025 As % of total H1 2024 As % of total Organic growth % Life 1,473 41% 1,379 40% 6.8% 5.7% BioPharma 1,042 29% 1,000 29% 4.2% 0.8% Diagnostic Services & Products 746 21% 690 20% 8.1% 1.3% Consumer & Technology Products Testing 351 10%
Slide 28: 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