Eco Animal Health Group Plc · LSE:EAH
Eco Animal Health — FY2026 Earnings Presentation
34 slides from Eco Animal Health's earnings presentation, Jul 15, 2026
Slide 1: Audited Results Financial Year to March 2026
Audited Results Financial Year to March 2026 Dr. David Hallas, CEO ; Chris Wilks, CFO July 2026 w w w. e co a n i m a l h e a lt h . c o m
Slide 2: Disclaimer
2 Disclaimer ▪ No reliance may be placed for any purpose whatsoever on the information or paragraph 49 of the FPO (high net worth companies, unincorporated associations opinions contained in this Presentation or its completeness. Neither ECO nor etc.); and (iii) persons to whom it is otherwise lawfu
Slide 3: Executive summary
3 Executive summary Improved performance: strong revenue growth of 10% to £87.5M driven by our flagship product Aivlosin® Expanding profitability: improved margin and EBITDA disciplined cost control, improved pricing & geographical mix. Ahead of revised market consensus Positioned for growth through
Slide 4: Financial highlights: strong broad based revenue growth
4 Financial highlights: strong broad based revenue growth Total revenue China North America South-East Asia LATAM increase +5% +22% growth in major +15% +10% markets to £87.5m +14% (£91.0m) on +9% constant +28% constant -3% constant +21% constant constant currency currency currency currency currency
Slide 5: Financial highlights
5 Financial highlights 48.6% £8.5m 9.8% 3.26p £25.4m £8.8m Gross Adjusted Adjusted Earnings Net cash New product Portfolio development progression margin EBITDA EBITDA per share expenditure + 3.5% +16% Margin +31% +0.6% 1st vaccine (2025: 45.1%) (2025: £7.3m) (2025: 9.2%) (2025: 2.49p) (2025: £25.0m
Slide 6: ECO at a glance: Strong core business
6 ECO at a glance Strong core business • Flagship product with good longevity: robust revenue and margin profile • Demand for infectious disease management remains high globally • Clinical edge with clear advantages over generic macrolides and high barriers to entry • Use in complex diseases (e.g. P
Slide 7: ECO at a glance: Clear strategic focus
7 ECO at a glance Clear strategic focus • On livestock growth species poultry and swine • Preventative segments • Underpinned by global demographic trends driving animal protein demand
Slide 8: ECO at a glance: Growth pipeline
8 ECO at a glance Growth pipeline • Targeted R&D investment now generating results • Focused on diversifying the business and leveraging the opportunity in preventatives, the fastest growing area of animal health • First launch achieved in EU of ECOVAXXIN® MS, our first vaccine, with commercialisati
Slide 9: ECO at a glance: Addressing critical market need
9 ECO at a glance Addressing critical market need • Innovation and differentiation with next wave pipeline • Addresses critical gaps in current standards of care
Slide 10: ECO at a glance: Significant risk adjusted growth potential
10 ECO at a glance Significant risk adjusted growth potential • Portfolio contains mix of 3 late stage, 4 clinical stage and 2 earlier stage assets • Substantial risk adjusted NPV >£140M • Value increasing as portfolio matures
Slide 11: Financial highlights
Financial highlights ANIMAL HEALTH
Slide 12: Revenue – geographical segments
12 Revenue – geographical segments Revenue by geography (£’m) 30.0 Strong growth in H1 22% growth Total Revenue: 25.0 Brazil growth of Excluding India, March 2022 £82.2 million 25% underlying March 2023 £85.3 million growth of 52% March 2024 £89.4 million 20.0 March 2025 £79.6 million 15.0 March 202
Slide 13: Sustainable gross margin performance
13 Sustainable gross margin performance 50% 49% Increase Decrease Total 48% 47% 0.3% 0.6% 48.6% 46% 45% 45.0% 44% 0.2% 0.4% 45.1% 3.4% 43% 0.3% (2.2%) 1.4% 42% (0.7%) (3.1%) 1.1% (0.5%) 41% 42.1% 2.9% 40% (1.5%) 0.9% 39% 38% Gross FX impact FX impact Net cost of China Geographi Gross FX impact FX im
Slide 14: R&D expenditure
14 R&D expenditure R&D expenditure (£’m) Capitalised R&D consists of late- stage Poultry Mycoplasma vaccine 1.3 projects and injectable 2.4 3.6 4.1 4.6 florfenicol treatment for swine 7.6 5.9 5.2 4.2 4.0 2022 2023 2024 2025 2026 R&D Expensed R&D Capitalised
Slide 15: EBITDA bridge
15 EBITDA bridge 15.0 14.0 Increase Decrease Total 13.0 12.0 11.0 10.0 GM +3.5% EBITDA 9.0 £4.1m 8.0 additional costs £1.3m 7.0 + £4.1m greater £8.5m £7.2m £8.0m + £7.9m investment 6.0 GM +2% (GM 2.9%) (£0.3m) + £1.7m £0.9m £0.2m £7.3m saving less 5.0 (£3.4m) + £1.7m expenditure £5.4m + £3.1m 4.0 3.
Slide 16: Balance sheet
16 Balance sheet CONSOLIDATED STATEMENT As at As at As at As at As at OF FINANCIAL POSITION 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 £'m £'m £'m £'m £'m 115 Non current assets Intangible assets incl deferred tax 35.0 36.4 38.8 42.3 46.1 115 Tangible assets 3.7 6.1 4.8 4.0 3.4 131 131 Right
Slide 17: Group results – simplified
17 Group results – simplified1 REVENUE EX CHINA (£’M) GROSS MARGIN EX CHINA (%) EBITDA EXCL CHINA, R&D (£’M) 80.0 54% 12.0 70.0 52% 10.0 60.0 50% 8.0 50.0 48% 40.0 46% 6.0 30.0 44% 4.0 20.0 42% 2.0 10.0 40% 0.0 38% 0.0 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-22 Mar-
Slide 18: R&D growth engine
R&D growth engine ANIMAL HEALTH
Slide 19: Current-wave and next-wave innovation
19 Current-wave and next-wave innovation NEXT WAVE First Approval ECOVAXXIN®Necrotic Peak Year Revenue Launched Enteritis Biological PCV2/MHP Remaining R&D Cost EU £1.4m £0.9m £6.2m 2025 2026 2027 2028 2029 2030 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H £5.5m PRRSV mAb CURRENT WAVE £1.3m First Approval Pe
Slide 20: The near-term regulatory timings to drive longer-term value
20 The near-term regulatory timings to drive longer-term value 2026 2027 2028 2026 2H 1H 2H 1H 2028 Q3 EU EU Approval 2H’25 US Approval Total Peak Year USA 1H’26 USDA Responses 2H’26 Revenue LATAM LATAM & SE Asia Approvals 1H’26 Review & Responses £36.8m +SE Asia 1H’27 USA 1H’28 R&D Cost Remaining £
Slide 21: ECOVAXXIN MS & MG summary
21 ECOVAXXIN® MS & MG summary Best Best-In-Class Mycoplasma vaccines Existing strong relationships with Key in class alongside Best-in-Class Mycoplasma Opinion Leaders and Decision Makers treatment, Aivlosin® in Key Accounts Provide Technical Support and Addresses existing & developing Diagnostics t
Slide 22: European launch
22 European launch Dates Location Theme Audience 30 June – 2 July 2026 VP Plaza Hotel, Madrid “Global perspectives on Layer producers, vets, Mycoplasma synoviae" breeding technicians What the summit delivered • Formal European launch event for ECOVAXXIN® MS, ECO Animal Health's new live Mycoplasma s
Slide 23: Opportunity: high MS prevalence
23 Opportunity: high MS prevalence MS Prevalence (%) by Country 95 60 52 50 50 50 48 45 45 40 40 38 35 30 China India Japan Vietnam Brazil Mexico Argentina Colombia Turkey Egypt Saudi Arabia Poland Spain France [1] Cortés V. et al. (2021). Seroprevalence & prevalence of M. synoviae in laying hens in
Slide 24: MS economic impact — production loss parameters
24 MS economic impact — production loss parameters Evidence-based loss assumptions applied to 1,274M at-risk layer birds across APAC · LATAM · MENAF · EUROPE Egg Production Loss Eggshell Apex Abnormality Mortality Loss range: EAA rate: Excess mortality: 10 - 23% 5 - 24.5% 1 - 10% Assumed avg: Assume
Slide 25: Summary and Outlook
Summary and Outlook ANIMAL HEALTH
Slide 26: Investment case: robust core business with emerging growth pipeline
26 Investment case: robust core business with emerging growth pipeline from R&D engine Core business: Future growth: Flagship product Aivlosin® delivering robust Targeted investment in preventative innovation, revenue and margin growth diversifying the business Strong global demand for infectious di
Slide 27: Summary
Summary Results ahead of consensus: revenue and EBITDA Marketed product portfolio is diversifying with vaccine launch Pipeline value (risk adjusted NPV) improved due to maturing pipeline
Slide 28: Outlook
Outlook Post period end trading in-line except China Margins sustainable Pipeline innovation underpins growth Pursuing in-licensing and strategic opportunities
Slide 29: Appendices
Appendices ECO) ANIMAL HEALTH
Slide 30: Cash flow statement
30 Cash flow statement CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT Year ended Year ended Year ended Year ended Year ended OF CASHFLOW 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 £'m £'m £'m £'m £'m Profit before income tax 1.4 4.4 3.0 4.0 5.4 Adjustment for non cash items in th
Slide 31: Administrative expenses
31 Administrative expenses Admin expenses excl F/X (£'m) 3.0 2.8 3.3 3.2 2.3 Bonus accrual related to financial performance and 25.6 25.5 24.8 28.9 22.2 receivables provisions 2022 2023 2024 2025 2026 Cash based overheads Non cash charges
Slide 32: Cash excluding China (51% owned) subsidiary bridge
32 Cash excluding China (51% owned) subsidiary bridge Increase Decrease Total 26.0 24.0 22.0 £0.1m £0.7m £0.6m £2.6m 20.0 (£1.3m) 18.0 £5.9m 16.0 £2.5m £0.8m 14.0 (£10.5m) (£10.3m) 12.0 £8.4m £4.3m £14.0m £14.0m 10.0 (£9.3m) £10.5m £7.3m 8.0 6.0 £6.8m £5.4m 4.0 Cash ex Profit before Non-cash, Invest
Slide 33: Efficiency
33 Efficiency EFFICIENCY RATIOS* 24% *Analysis for the Group excluding R&D and treating China majority owned JV as a 20% simple dividend income stream Reduction in 2024 arises because of lower 16% China JV dividend 12% ROCE = (EBIT + China JV divi)/(Total assets – current liabilities) 8% Return On E
Slide 34: MS economic impact — production loss parameter references
MS economic impact — production loss parameter references EGG PRODUCTION LOSS EGGSHELL APEX ABNORMALITY (EAA) MORTALITY Loss range: 10–23% EAA rate: 5–24.5% of eggs Excess mortality: 1–10% Assumed avg: ~11% drop Assumed: ~8% of total output Assumed incremental: ~2% above baseline Reference 1: Kursa
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