Slide 1: Fiscal Year 2026 Second-Quarter Results
Fiscal Year 2026 Second-Quarter Results January 8, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation includes “forward-looking statements” as that term is defined in Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Neogen’s curr
Slide 3: A New Chapter for Neogen: Positioned to Deliver
A New Chapter for Neogen: Positioned to Deliver D R I V I N G I M P R O V E D , M O R E P R E D I C TA B L E P E R F O R M A N C E Optimization of Continuous emphasis on driving efficiency to support the business and growth the Cost Base opportunities Operational Significant focus on stability and p
Slide 4: Q2 FY26 Summary
Q2 FY26 Summary • Returned to core growth, increase of 2.9% YoY • Adjusted EBITDA margins improved 470 bps sequentially to 21.7% • Key new management hires to support/accelerate strategic transformation • Petrifilm manufacturing transition on schedule with early quality and performance testing resul
Slide 5: More than Products – Powered by Partnership
More than Products – Powered by Partnership Comprehensive Portfolio, Technical Expertise and Global Education, Training, & Integrated Solutions Standard-Setting Guidance Implementation Support Driving strong customer sentiment, with > 75% of customers buying multiple product categories “I view them
Slide 6: Financial Highlights
Financial Highlights Adjusted Net Income(3) Revenue ($M) Adjusted EBITDA ($M) (2) ($M, excl. per share) $231.3 $224.7 $24.4 $209.2 $51.4 $48.7 $22.6 $35.5 22.2% 21.7% $0.11 $9.4 $0.10 Margin 17.0% Margin Adjusted (3) $0.04 Adjusted Margin EPS Adjusted EPS (3) (3) EPS Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25
Slide 7: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Debt Profile Gross Debt $800M • Q2 Free Cash Flow(2) improved by $21M compared to Q1 Less: Cash & Equivalents $145M – Driven by efficiency in trade working capital and moderating capex 32% 68% • Debt remains 68% fixed Net Debt (1) • Near-term capital allocation pri
Slide 8: Targeted Improvement Plan
Targeted Improvement Plan Priority Improvement Actions Growth Acceleration and Margin Expansion • Accelerate Food Safety growth to consistently above-market rates (MSD+ long-term market growth rate) ‒ Drive share gains in North America – return to growth rates of MSD or above ‒ Continued internation
Slide 9: FY2026 Outlook
FY2026 Outlook Updated FY2026 Outlook $845M-$855M Total Revenue Previous: $820M-$840M ~$175M Adjusted EBITDA Previous: $165M-$175M ~$50M Capital Expenditures Previous: ~$50M • Free Cash Flow positive • Effective tax rate of 21% © 2026 Neogen Corporation. All rights reserved. | 9
Slide 10: Summary
Summary • Second-quarter performance ahead of expectations with return to core growth in both segments • Significant sequential improvement in profitability with Adjusted EBITDA margins improving 470 bps sequentially • Strategic transformation well underway with new, experienced team in place to acc
Slide 11: Thank you for joining us.
To view the earnings press release and Thank you for presentation, visit: WWW.NEOGEN.COM/INVESTOR-RELATIONS joining us. © 2026 Neogen Corporation. All rights reserved. | 11
Slide 12: Appendix
Appendix
Slide 13: Non-GAAP Reconciliations: Adjusted EBITDA
Non-GAAP Reconciliations Adjusted EBITDA © 2026 Neogen Corporation. All rights reserved. | 13
Slide 14: Non-GAAP Reconciliations: Adjusted Net Income
Non-GAAP Reconciliations Adjusted Net Income © 2026 Neogen Corporation. All rights reserved. | 14
Slide 15: Non-GAAP Reconciliations: Core Revenue Growth and Free Cash Flow
Non-GAAP Reconciliations Core Revenue Growth and Free Cash Flow © 2026 Neogen Corporation. All rights reserved. | 15