Slide 1: Q3 presentation
Improving animal health through science and technology for better lives Q3 presentation October 2025
Slide 2: Q3 Highlights
Q3 Highlights / Strong revenue growth of 19% with 9 per cent organic growth / Strong adjusted EBITA growth of 17% / Continued strong performance in Specialty Pharma and Veterinary Services / MedTech returns to organic growth / Positive outcome in US indemnification dispute Page 3
Slide 3: Organic and M&A driven growth with strong financials
Organic and M&A driven growth with strong financials Revenue development (EURm 1Q22 – 3Q25) Adj. EBITA development (EURm 1Q22 – 3Q25) Revenue LTM revenue adj. EBITA LTM adj. EBITA 9% organic +19% growth +17% 421 104 404 99 100 391 95 375 93 90 352 87 345 85 332 335 82 83 325 79 316 302 73 281 67 255
Slide 4: Specialty Pharma
Specialty Pharma Continued strong performance 11% organic growth / Double-digit organic growth driven by strong performance in Specialty Pharmaceuticals and Specialised Nutrition 14% Adj. EBITA growth / Product launches and cross-selling activities progressing well / Margin improvement driven by ope
Slide 5: Specialty Pharma – Q3 2025 in a strategic context (1 of 2)
Specialty Pharma – Q3 2025 in a strategic context (1 of 2) Our two-pronged growth strategy Organic Inorganic 1 2 3 4 Cross-selling Innovation Education M&A Drive product and channel penetration in markets with Continue focus on innovation, including tactical and Create engagement across market actor
Slide 6: Specialty Pharma – Q3 2025 in a strategic context (2 of 2)
Specialty Pharma – Q3 2025 in a strategic context (2 of 2) Cross-selling deep-dive What have we done so far? What are the next steps? 20 12 16 businesses acquired markets with direct ongoing cross-selling Grow existing initiatives since inception sales presence initiatives Share of organic growth YT
Slide 7: MedTech
MedTech Returns to organic growth 5% Organic growth / Total growth of 46% and return to organic growth despite soft US surgery market / Continuing to implement actions to strengthen orthopedics commercial performance 26% Adj. EBITA growth / Solid performance in MedTech dental (iM3, AllAccem, Dental
Slide 8: Veterinary Services
Veterinary Services Continued strong performance 11% Organic growth / Continued positive momentum with strong organic growth / 240 new member clinics during Q3 reaching a total of 9,940 members 4% Adj. EBITA growth / Planned investments in new geographies and services will impact margin Revenue and
Slide 9: Diagnostics
Diagnostics Growth despite lower levels of disease outbreaks 4% Organic growth / Delivers organic growth despite lower levels of outbreak driven demand / Continuing to invest in new products and personnel to diversify into companion -36% Adj. EBITA growth animal diagnostics Revenue and Adj. EBITA Ad
Slide 10: Acquiring category leaders in high-potential niches
Acquiring category leaders in high-potential niches Yearly acquired proforma revenue (EURm) ~ €170m x Number of acquisitions 44 acquisitions since Proforma acquired revenue 2021-2025 2021 50 49 # acquisitions / geography FY21-25 Other 7 37 North America Europe 12 25 23 # acquisitions / segment FY21-
Slide 11: Building a global leader in veterinary dentistry
Building a global leader in veterinary dentistry Acquisitions completed last twelve months Acquisition Segment Access Revenue (EURm) iM3 MedTech October 2024 36 Dental Focus MedTech April 2025 3 AllAccem MedTech June 2025 8 David AI MedTech October 2025 Tech startup Page 12
Slide 12: Creating a sustainable leader in animal health
Creating a sustainable leader in animal health Sustainability strategy Animals People Planet We improve animal health We create a great place to work in We minimize our environmental through innovation, education, an engaging and inclusive footprint by reducing emissions and responsible treatments.
Slide 13: Third Quarter Financials
2 Third Quarter Financials Page 14
Slide 14: Q3 Income Statement
EURm Q3 2025 July – Sep Q3 2024 July – Sep Q3 Income Statement Net revenue 104.3 87.6 / Operating profit (EBIT) grew 74% to EUR 17.5m Adjusted EBITA 25.5 21.9 / Items affecting comparability of EUR -1.7m (-6.5) Adjusted EBITA margin (%) 24.5% 25.0% / Net financial items of EUR -4.1m (-9.3) Items aff
Slide 15: Q3 Cash Flow
EURm Q3 2025 July – Sep Q3 2024 July – Sep Q3 Cash Flow EBIT 17.5 10.1 / NWC EUR 102.2m at 24% of revenues per end of September Cash flow from operating activities 13.7 18.3 • Compared to end of June 2025, net working capital increased before change in NWC by EUR 2.7m driven by lower trade payables
Slide 16: Net Debt and Leverage
Leverage Net Debt (EUR m) Net Debt and Leverage 300 287 / Net debt per 30 September 2025 EUR 253.5m 285 280 261 / Cash and cash equivalents EUR 51.3m 260 254 240 222 / Net Debt / LTM Proforma Adjusted EBITDA 2.1x 220 212 200 180 160 2.9x 3.0x 144 140 140 120 2.0x 2.1x 2.1x 100 1.8x 80 1.3x 60 1.4x 4
Slide 17: Concluding remarks
Concluding remarks / Strong revenue growth of 19% with 9 per cent organic growth / Strong adjusted EBITA growth of 17% / Continuing to strengthen performance in orthopedics / Accelerating efforts to expand and progress M&A pipeline / Vimian remains well-positioned in current geopolitical landscape P
Slide 18: Q&A
Q&A Page 19
Slide 19: T™
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