Euroapi Sa · EURONEXT:EAPI
Euroapi Sa — Investor Presentation (September 2025)
70 slides from Euroapi Sa's investor presentation, Sep 9, 2025
Slide 1: EUROAPI Investor Deck – Second Half 2025
EUROAPI Reinventing Active Ingredients solutions to sustainably meet clients and patient’s needs around the world Investor Deck – Second Half 2025 Updated on 09 September 2025
Slide 2: Content
Content EUROAPI in a nutshell Reinventing Active Ingredient Solutions to sustainably meet customers’ and patients’ needs around the world Page 3 to 13 Focus-27 strategic plan Build on our strengths to refocus on high-value and growing market segments, improve competitiveness, and Page 14 to 30 unloc
Slide 3: EUROAPI in a nutshell
EUROAPI in a nutshell Reinventing Active Ingredient Solutions to sustainably meet customers’ and patients’ needs around the world
Slide 4: EUROAPI key facts
~ 200 APIs’, €912 bn Net Sales, ~ 3,430 employees, €100 billion total addressable market in 2024 +6% to +7% expected growth between 2024 and 2028 Highly-differentiated API portfolio Innovative technologies to support a focused CDMO activity Broad customer base around the world Ambitious ESG commitme
Slide 5: 100 Bn euros Total Addressable Market
100 Bn euros Total Addressable Market Active Pharmaceutical Ingredients (API) market Merchant Market Dynamics (2019-2024) 2024 – in euros CAGR 2019-2024 Pharma Volume +3% Small Molecules €80 bn Volume + CAGR 2019-2024 API market Merchant Market +4% to +6% Mix effect +1% to +2% €100 bn (nature of API
Slide 6: Main activities: API Solutions and CDMO
Main activities API Solutions CDMO Customized development and manufacture Manufacturing and distribution of of active ingredients for the pharmaceutical differenciated APIs and biotechnology industries N°1 In small molecules A leader of the global CDMO market • Approximately 165 APIs at the end of 2
Slide 7: One of the broadest API and CDMO offer
One of the broadest API and CDMO offer 2024 Net Sales by types of molecules Highly Potent molecules Non-narcotic opioids and opiates Large molecules N°1 worldwide N°1 worldwide manufacturer of manufacturer of non- 10% prostaglandin narcotic opioids HP APIs 10% 2024 Net Sales by Bio-fermentation Larg
Slide 8: State-of-the-art innovative technologies to support a growing CDMO activity
State-of-the-art innovative technologies to support a growing CDMO activity Complex chemistry Large molecules Bio-fermentation Highly Potent molecules Solid state Complex Chemical Peptides Anti-infective Prostaglandins Particle Engineering synthesis molecules Oligonucleotides Vitamin B12 Cytotoxic P
Slide 9: A broad customer base other than Sanofi
A broad customer base other than Sanofi More than 500 customers, from large Pharma, and Biotech 2024 Net Sales by clients to Animal Health, Food and Cosmetics Sanofi 46% Other Clients 54% P. 9
Slide 10: Ambitious ESG commitments
Ambitious ESG commitments Offer safe products and a Accelerate innovation for Create a safe & multicultural Uphold best in class corporate resilient & responsible supply environmental sustainability workplace governance chain P. 10
Slide 11: Diversified Board of Directors
Diversified Board of Directors Independent Director Member representing the employees Emmanuel Blin Chair of the Board Elizabeth Bastoni Cécile Dussart Mattias Perjos Rodolfo Savitzky Olivier Klaric Géraldine Leveau Jean-Yves Caminade Kevin Rodier Marie-Isabelle Permanent Representative of the Repre
Slide 12: Shareholder base
Shareholder base L'Oréal 5% Fonds French Tech Souveraineté* 12% Other Institutional and Individuals Shareholders** 43% Sanofi* 30% Kopernik*** Brandes*** 5% 5% *: Lock-up until December 2025 **: September 2025 ***: Legal threshold declared to the AMF P. 12
Slide 13: FOCUS-27
FOCUS-27 Build on our strengths to refocus on high-value and growing market segments, improve competitiveness, and unlock EUROAPI's sustainable and profitable growth potential
Slide 14: Improve competitiveness to unlock sustainable & profitable growth
Improve competitiveness to unlock sustainable & profitable growth Streamlined value- Focused CDMO Rationalized Organizational added portfolio, offer leveraging our industrial footprint transformation and focused on highly recognized prioritizing high- more efficient ways differentiated capabilities
Slide 15: Streamlined value-added portfolio: underlying market size and growth
Streamlined value-added portfolio, focused on highly differentiated profitable products Underliying market size and estimated growth 2021-2027 estimated market growth 17.0% Oligonucleotides +10.0% +9.0% 740 Peptides 1200 CAGR CAGR 12.0% Cytotoxic agents 690 Tides (Peptides and Highly Potent (HP) Oli
Slide 16: Optimization of our API portfolio
Streamlined value-added portfolio, focused on highly differentiated profitable products Optimization of our API portfolio Market Attractiveness Large markets Large markets (future growth, level of Fast-growing product categories Fast-growing product categories competition) Low margins Strong competi
Slide 17: Share of sales with differentiated APIs
Streamlined value-added portfolio, focused on highly differentiated profitable products Differentiated APIs by molecules Catalog sales per differentiated level Complex chemistry Fermentation HP-APIs 100% Share of sales with differentiated APIs 30% 39% 75% (2024 Sales) 50% 70% 61% 25% 0% Steroids Alk
Slide 18: The CDMO industry megatrends
Focused CDMO offer leveraging our recognized capabilities and technology platforms The CMDO industry megatrends From… …to Secured and Resilient Supply Chains Increased emphasis on dual External services providers for sourcing Integrated services from pre-clinical to manufacturing mostly driven comme
Slide 19: Strengthened customer base and increase in value-added projects
Focused CDMO offer leveraging our recognized capabilities and technology platforms Strengthened customer base and increase in value-added projects Evolve Commercial prospection towards larger targets (Biotech & Pharma) De-risked project portfolio Number of RFPs received Project by phase 2024 Early-s
Slide 20: Leverage EUROAPI unique platform capabilities
Focused CDMO offer leveraging our recognized capabilities and technology platforms Leverage EUROAPI unique platform capabilities to accelerate the sales trajectory Customers Large established Targeted prospection towards late-stage drugs and high-value projects Biotech driven by innovative complex c
Slide 21: Divesting and rightsizing
Rationalized industrial footprint prioritizing high-return CAPEX Divesting and rightsizing Haverhill Frankfurt Highly dependent on Sanofi’s demand and mono- Mothballing of two Small Complex Chemistry product workshops Divested in June 2025 Invest to boost Prostaglandin capacities Brindisi Brindisi t
Slide 22: Focus on 4 core sites
Rationalized industrial footprint prioritizing high-return CAPEX Focus on 4 core sites Elbeuf Leverage a unique European bio-fermentation platform Frankfurt Invest in Peptides and Oligonucleotides capacities Technologies Key product families Synergies with BIANOGmp Large scale fermentation Vitamin B
Slide 23: Increase capacity utilization rates
Rationalized industrial footprint prioritizing high-return CAPEX Increase capacity utilization rates Lowest Average Highest ~ 90% > 80% ~ 80% ~ 60% cc. 60% < 30% 2023 2027 est. P. 23
Slide 24: €350 to 400 million CAPEX investment between 2024 and 2027
Rationalized industrial footprint prioritizing high-return CAPEX €350 to 400 million CAPEX investment between 2024 and 2027 Others 2024-2027 41% 59% Cumulated Growth, R&D, and Performance (capacity utilization, improved yields,…) P. 24
Slide 25: Around 60% of Growth CAPEX – Main projects
Rationalized industrial footprint prioritizing high-return CAPEX Around 60% of Growth CAPEX – Main projects Manufacturing Technology API family Type Timeline Adressable market* Total estimated Site Platform Investment 2024-2027 €380M with +5% to +7% Budapest Prostaglandins Capacity increase End of 2
Slide 26: Organizational transformation and more efficient ways of working
Organizational transformation and more efficient ways of working A more efficient operating model Commercial R&D Redesign the Commercial teams to Focus on support to Commercial, in increase synergies, and efficiencies particular the CDMO business Strengthened technology platforms cc. 550* total head
Slide 27: Net Sales breakdown estimates
FOCUS-27 Net Sales breakdown estimates* Increase of sales to Other Clients + new clients, cross-selling Gradual ramp-up of new capacities starting as from 2025 onward, benefiting both the CDMO and the API Solutions activities Discontinued APIs (2/3 sold to Sanofi, 1/3 to other clients) - Haverhi
Slide 28: Run-rate incremental EBITDA targeted by 2027
FOCUS-27 75 to 80 M€ run-rate incremental EBITDA targeted by 2027* Organizational Transformation 34% Streamlined value-added Focused CDMO offer portfolio, focused on highly leveraging our recognized Product Portfolio differentiated profitable capabilities and technology CDMO Focused Offer products p
Slide 29: EUROAPI in 2027
EUROAPI in 2027 A value-added API and CDMO offering A streamlined industrial footprint A more efficient organization P. 29
Slide 30: Short and long-term financing secured
Short and long-term financing secured 1 2 3 4 Working Capital €54 M capacity Improvement reservation from Sanofi Approximately €140M for five selected products expected between 2024 manufactured by Revolving Credit Facility Hybrid Bond and 2027 EUROAPI €451M Revolving Credit € 200M Perpetual Deeply
Slide 31: The Active Pharmaceutical Ingredients (API) merchant market
The Active Pharmaceutical Ingredients (API) merchant market A growing 100 billion euros Total Addressable Market
Slide 32: Molecules approved by the FDA between 2016 and 2024
414 Molecules approved by the FDA between 2016 and 2024 mAbs* Other 20% 3% Antibody-drug Conjugates (ADC) 2% Small interfering RNA 1% Enzyme and Proteins 2024 market size 5% 100 bn euros Small Molecules (chemical synthesis, biochemistry, HP-API Oligonucleotides 61% 3% Peptides 5% *: out of Euroapi’s
Slide 33: API segments: main molecules and therapies
API segments Main molecules and therapies Small Molecules Large Molecules Oligonucleotides, Peptides & Complex Chemistry HP-APIs Biochemistry MaBs and others Lipids Molecule Size Small & Medium Variable Medium Large or mix Molecule structure Increasingly complex and technologically sophisticated Com
Slide 34: A long cycle and regulated industry
A long cycle and regulated industry Illustrative API Supplier Registration Process Evaluation & Assessment Lab-scale of Finished (procurement, business data, Sampling of API batches & Dosage Formulation (FDF) quality audits) Shipment Batch Testing 1 to 4 months 1 to 3 months 1 to 3 months Registrati
Slide 35: A comprehensive range of APIs (1/2)
API Solutions A comprehensive range of APIs* (1/2) 30 <5 20 Non-narcotic opioids & opiates – Stéroïds – Vertolaye (FR) Sartans – Budapest (HUN) Francopia (FR) Prednisolone, Methylprednisolone, Codeine phosphate, Naloxone hydrochloride, Dexamethasone, Hydrocortisone, Ibersartan, Olmesartan Medoxomil
Slide 36: A comprehensive range of APIs (2/2)
API Solutions A comprehensive range of APIs* (2/2) 15 Anti-infectives Prostaglandins 10 Brindisi (IT)**, Elbeuf & Vertolaye Budapest (HUN) (FR) Beraprost, Latanoprost, Pristinamycin, Rifaximin, Limaprost Teicoplanin, Rifampicin High Potent APIs Systemic or local vasodilators (glaucoma in Bronchitis,
Slide 37: Strong competitive positions in complex and differentiated APIs
API Solutions Strong competitive positions in complex and differentiated APIs 80% % of portfolio with high level of differentiation1 50% 0% 0 150 300+ # of APIs in portfolio P. 37 Company’s estimates based on public information
Slide 38: The most diversified range of technology platforms
CDMO offer The most diversified range of technology platforms Pep/ Large Oligo Only Peptide Only Peptide Only Oligo Molecules Other1 Other1 High-potent APIs H PG1 Bio- chemistry Other chemistry Sources Public company filings/communication, Industry interviews, Press releases 1: e.g. Large molecule:
Slide 39: CDMO life cycle
CDMO life cycle From the pre-clinical to the commercial phase ~ 60 to 70% ~ 40 to 50% ~ 60% success rate success rate success rate Pre-clinical/Phase 1 Phase 2 Commercial phase Request For Proposal Phase 3 Up to 4 years Up to 3 years 8-10 years process Up to 3 years Mostly lab activities Fir
Slide 40: Financial Results
Financial Results FY 2024 and H1 2025 FY 2025 outlook
Slide 41: FY 2024 Key Figures
FY 2024 Key Figures Key operational figures Net Sales Core EBITDA CAPEX €911.9m €50.4m €108.0m -10.0% Sanofi Core EBITDA Net Sales €422.2m margin 5.5% 11.8% -10.7% Other Clients Growth Capex €489.7m 53% -9.4% P. 41
Slide 42: FY-2024 Net Sales Breakdown
FY-2024 Net Sales Breakdown 2024 CDMO 2024 Large molecules Other Clients 10% API Solutions Other HP APIs 15% Clients 2023 10% 2023 CDMO 8% Sanofi 39% 10% 18% 12% 36% 10% 18% 12% Bio-fermentation 65% 36% 68% Complex chemistry 34% API Solutions CDMO 73% 27% API Solutions Sanofi Other Clients Sanofi 46
Slide 43: Full Year 2024 Consolidated Net Sales
Full Year 2024 Consolidated Net Sales API Solutions - (8.8%) CDMO - (13.1%) 1,013.2 M€ (7.4%) restated from the suspension of production in Brindisi (7.0%) restated from the suspension of production in Brindisi 911.9 M€ CDMO -10.0% Other 180.5 Clients -57.7 M€ -6.2 M€ 7.4 M€ -1.7% 44.9 M€ 135.6 CDMO
Slide 44: Full Year 2024 Core EBITDA
Full Year 2024 Core EBITDA Rounded figures +0.8 pts 9.2% +0.8 pts -0.4 pts +1.0 pts -2.6 pts +0.8 pts -2.4 pts -0.3 pts 5.5% -1.4 pts FY 2023 Volume Price & Mix Buserelin Energy & Raw Industrial Unfavorable Other GM OPEX Brindisi and FY 2024 Materials Performance Fixed Cost Haverhill Sites Absorptio
Slide 45: Full Year 2024 Net Debt evolution
Full Year 2024 Net Debt evolution € millions – rounded figures 181.1 0.1 25.2 Free Cash Flow Before Financing: €15.0 million 123.0 €197m Deeply Subordinated Perpetual Bond Of which €94.0m inventories €52m trade receivables €(47)m payables €60m Other Current Assets & Liabilities -108.0 -171.0 Net Deb
Slide 46: H1 2025 Key Figures
H1 2025 Key Figures Net Sales Core EBITDA CAPEX €412.1m €39.5m €37.8m (8.2)% Core EBITDA margin Sanofi 9.6% €176.1m -15.3% EBITDA 60% dedicated to growth Other Clients €236.0m €5.0m -2.0% €39.3m exceptional items P. 46
Slide 47: H1 2025 Consolidated Net Sales
H1 2025 Consolidated Net Sales 448.7 M€ 412.1 M€ (8.2%) CDMO Other Clients 72.3 CDMO Other -24.4% +4.3% +18.4% -16.7% 60.2 Clients CDMO Sanofi 44.1 52.2 CDMO Sanofi • -29% volume decrease in • ~8% of Net Sales from • Strong demand for Poly-L- • Downsizing and API Sevelamer (Haverhill) Cross Selling
Slide 48: H1 2025 CDMO projects portfolio
H1 2025 CDMO projects portfolio By platform H1 2025 Highly potent APIs 58 projects 4% H1 2024 3% By phase 50 projects Complex Chemical 64% 22% Phase 1 17 Molecules Large Molecules 60% 25% H1 2025 and earlier 11% 9 Biochemistry Molecules H1 2024 Phase 2 12% Early-stage 14 40% 40% 12 Phase 3 By custom
Slide 49: H1 2025 From Net Sales to Core EBITDA
H1 2025 From Net Sales to Core EBITDA In € millions H1-2025 H1-2024 Net sales 412.1 448.7 Gross profit 76.6 98.0 Gross profit margin 18.6% 21.8% Core EBITDA 39.5 47.6 39.3 million in exceptional items in H1 2025 • €20.6 million of idle costs Core EBITDA margin 9.6% 10.6% • €4.1 million of internal a
Slide 50: H1 2025 Change in Core EBITDA margin
H1 2025 Results Change in Core EBITDA margin Rounded figures +2.4 pts 10.6% +2.1 pts -1.9 pts 9.6% +2.2 pts +0.2 pts -1.2 pts -2.2 pts -0.6 pts -1.9 pts H1 2024 Buserelin Stock Volume Impact Price and Mix Discontinued Industrial Energy & Raw OPEX Brindisi Site Haverhill Site H1 2025 Clearance in Pro
Slide 51: H1 2025 From EBITDA to Net Income and EPS
H1 2025 From EBITDA to Net Income and EPS In € millions H1-2025 H1-2024 EBITDA 5.0 (1.4) Depreciation and Amortization 32.7 32.0 Operating Income (27.8) (33.4) Decrease in Financial expenses following the financing of the plan Financial Result (2.3) (8.1) Income before Tax (30.1) (41.5) Income Tax e
Slide 52: H1 2025 CAPEX
H1 2025 CAPEX CAPEX Evolution Breakdown of H1 2025 CAPEX FY 2024 H1 2025 €108.0m Maintenance €80m to €90m 22% expected for FY 2025 46.7 Compliance 18% 60% Growth and Performance 61.3 37.8 2022 2023 H1 H2 P. 52
Slide 53: H1 2025 Working capital
H1 2025 Working capital In € millions Inventory - Months on Hand1 Receivables – DSO2 8.5 7.8 6.9 43 43 39 H1 2024 FY 2024 H1 2025 H1 2024 FY 2024 H1 2025 1. MOH: Months on Hands-Inventories in value on Net Sales 2. DSO: Receivables in Day of Sales – excluding factoring P. 53
Slide 54: H1 2025 Net Debt evolution
H1 2025 Net Debt evolution € millions – rounded figures 18.4 -38,3 Of which €(7.2)m inventories €24.7m trade receivables €2.7m payables €(10.8)m Other Current Assets & Liabilities 25.2 Free Cash Flow Before Financing: €(20) million -4,6 1.2 0,5 Net Debt Position Cash Flow From CAPEX Cash Flow From E
Slide 55: 2025 outlook
2025 outlook H2 underlying assumptions Stronger HP API sales Ongoing inventory build-up of discontinued APIs Improved contract manufacturing (CMO) activity, including Net Sales now expected to continued momentum in Pristinamycin and Poly-L-Lactic decrease low single digit on a Acid sales comparable
Slide 56: Sustainability
Sustainability An integrated ESG roadmap to support ambitious commitments
Slide 57: Our commitments
Our commitments Offer safe products and a resilient Accelerate innovation for Create a safe & multicultural Uphold best in class corporate & responsible supply chain environmental sustainability workplace governance We provide high quality products and We propose innovative processes and We ensure o
Slide 58: Decarbonation targets aligned with the Paris Agreement
Decarbonation targets aligned with the Paris Agreement -42% CO2 emissions by 2030 (scopes 1 & 2 / vs 2022) GHG emissions by scope Scopes 1 & 2 -13.0% 35,626 60,846 6% 9% 110 859 107 454 96 472 73,318 70,491 60,846 535,398 37,541 36,963 35,626 85% 2022 2023 2024 Scope 1 Scope 2 MarketBase Scope 1 Sco
Slide 59: Double Materiality Matrix
Double Materiality Matrix E1 Energy ressources E2 Pollution E1 Fight against climate change SEVERE E3 Water use and preservation E2 Innovation and technology E5 Responsible waste management S1 Occupational health and safety G1 Responsible and Resilient supply S4 Product quality and safety chain G1 C
Slide 60: Governance and Remuneration
Governance and Remuneration Aligned with Shareholders’ interest
Slide 61: Remuneration policy of the Board of Directors in 2025
Remuneration policy of the Board of Directors in 2025 Independent members Variable FIXED (depends on the attendance at the Committees , which Committee, what function)) Audit committee or Nomination and compensation committee Chair : €25 000 60 000 € Other members : €10 000 Total Fixed remuneration
Slide 62: Remuneration policy of the Chief Executive Officer in 2025
Remuneration policy of the Chief Executive Officer in 2025 2025 variable remuneration criteria Weight Financial targets (based onthe budget validated on10 December 2024 €485 000 Free Cash Flow 25% Fixed Core EBITDA margin 25% Variable Individual objectives Continue to deliver FOCUS-27 Target : 80% o
Slide 63: Relationship with Sanofi
CULOAPI Relationship with Sanofi
Slide 64: A long-term partnership with Sanofi
A long-term partnership with Sanofi Manufacturing and Supply by Euroapi of certain Active Pharmaceutical Ingredients for Sanofi ("Global Manufacturing Agreement") Partial protection clauses for both parties, particularly in the event of significant changes in the macro- economic environment (raw mat
Slide 65: Reciprocal EUROAPI/Sanofi commercial relations
Reciprocal EUROAPI/Sanofi commercial relations on current and future business A partnership guided by different agreements Manufacturing and Reverse MSA CDMO 1 Supply 2 and Distribution 3 • Covers all API manufactured by EUROAPI • Reciprocal development service agreement • Reverse MSA covers: and so
Slide 66: Key mechanisms for a mutually beneficial relationship
Key mechanisms designed to ensure mutually beneficial relationship for EUROAPI and Sanofi Manufacturing and Supply Distribution Exclusivity clause Price-Volume Corridor Raw Material Energy costs sharing Fixed Pass Through prices • 42 out of the 86 APIs are • Annual compensation • Sanofi must compens
Slide 67: Glossary
Glossary Net Sales at Constant Exchange Rate (CER) Yearly sales are calculated at Y-1 Exchange rates On a comparable basis At constant perimeter and constant exchange rates. Figures at constant perimeter exclude the impact of acquisitions and disposals that occurred during the current year or during
Slide 68: Contacts
Contacts Sophie Palliez-Capian Léa Massonneau + 33 6 87 89 33 51 + 33 7 60 32 29 50 sophie.palliez@euroapi.com lea.massonneau@euroapi.com ir@euroapi.com ir@euroapi.com P. 68
Slide 69: Forward looking statements
Forward looking statements Certain information contained in this documents is forward looking and not historical data. These forward-looking statements are based on opinions, projections and current assumptions including, but not limited to, assumptions concerning the Group’s current and future stra
Slide 70: Thank you!
Thank ycou! Merci - Danke - Grazie - Készéném - Obrigada - Cnacn60 - BUBESTE WEL CUfOAPI Active Solutions for Health