Fevara Plc · LSE:FVA
Fevara — FY2025 Earnings Presentation
39 slides from Fevara's earnings presentation, Dec 10, 2025
Slide 1: 2025 Full Year Results
2025 Full Year Results Fevara plc Joshua Hoopes Chief Executive Officer Gavin Manson Chief Financial Officer 10 December 2025 Purpose led. Performance focused.
Slide 2: Presentation team
Presentation team Joshua Hoopes, Chief Executive Officer Josh became Chief Executive Officer on 1 July 2025. Prior to joining Fevara in 2024, he worked for Associated British Foods plc for more than ten years, including five years as Managing Director at AB Agri where he oversaw the Intellync and AB
Slide 3: Agenda
Agenda • Overview • Financial review • Operational and strategic review • Summary and outlook • Questions Fevara plc Purpose led. Performance focused. 3
Slide 4: Name change and new corporate identity
Name change and new corporate identity Following the disposal of the vast majority of the Group’s Engineering division in April 2025, the Group undertook a process to identify a new corporate identity that reflects its repositioned strategic focus as an international specialist in livestock suppleme
Slide 5: What we do
What we do We develop, manufacture and market research-proven supplements, including branded feed licks, blocks, bagged minerals and boluses for cattle, sheep and horses. 01 Feed licks 02 03 Bagged minerals Boluses The core product for our business. Fevara plc Purpose led. Performance focused. 5
Slide 6: Who we are
Who we are Who we are Our strategy Fevara plc is an international Our goal is to create long-term specialist in livestock supplements. value for our stakeholders. Our purpose To achieve this, we are focused What we do Our purpose is to empower on three strategic pillars: We develop, manufacture farm
Slide 7: 2025 highlights
2025 highlights A year of transformation and significant progress in implementing strategic initiatives • Revenue up 4.1% at £78.8m (+5.7% at constant foreign exchange rate) • Group adjusted operating profit increased by 69.2% to £3.7m • Adjusted earnings per share increased by 69.2% to 4.4pence • S
Slide 8: Financial review
Financial review Fevara plc Purpose led. Performance focused. 8
Slide 9: Revenue and EBIT performance
Revenue and EBIT performance Continuing operations FY25 FY24 Change • Growth in Reported Revenue and EBIT driven largely by UK £m £m % business Revenue UK/Europe 41.4 38.2 +8.4% • UK continued to benefit from management and operational US 37.4 37.5 -0.2% integration initiated in H2 FY24 − Caltech ac
Slide 10: Net cash/(debt) movement
Net cash/(debt) movement Movement in net cash/(debt) excluding leases (£m) 90.0 6.0 4.5 70.9 80.0 66.8 70.0 60.0 50.0 40.0 30.0 20.0 2.9 8.0 0.5 10.0 3.8 1.2 0.3 2.6 0.5 0.6 2.1 0.0 Net cash EBITDA Working Capex Interest and Lease Engineering Other asset Pension Tender offer Other Discontinued Divid
Slide 11: Adjusting items
Adjusting items Continuing Discontinued Total Costs / (Profits) £’m £’m £’m M&A activity costs 0.4 - 0.4 • M&A activity costs: research and preparation costs for entry into new markets – leading to Restructuring/closure costs 2.4 0.6 3.0 acquisition announced on 3 December 2025 (Gain)/loss on dispos
Slide 12: Earnings per share and dividends per share
Earnings per share and dividends per share Adjusted EPS • Adjusted profit from continuing operations of £3.8m (FY24: £2.5m) 4 3.5 • Cost of adjusting items from continuing operations of £1.3m: (FY24: 2 £9.0m) 0 • Earnings per share from continuing operations of 3.5p (FY24: loss -2 4.8p) -4 • Profit
Slide 13: Balance sheet
Balance sheet FY25 FY24 £’m £’m YoY Fixed assets 21.4 19.5 +10% • Consistent trading balance sheet Net working capital 11.1 12.4 -10% • Balance sheet reflects disposal of Engineering Assets/liabilities held for resale 1.5 53.9 -97% assets and return of £70m through Tender Offer Assets employed 34.0
Slide 14: Corporate simplification
Corporate simplification Progress to date Ongoing focus • Adjusted central costs of £2.7m, a 12% reduction from the • Run-rate central costs prior year (FY24: £3.0m) currently c.65% of FY24 level, prior to sale of the • Completed first stage of de-risking defined benefit pension Engineering business
Slide 15: Operational and strategic review
Operational and strategic review Fevara plc Purpose led. Performance focused. 15
Slide 16: Who we are
Who we are An international specialist in livestock supplements Multinational manufacturing across four different countries* Over 20 countries sold to globally Market leading product brands: Crystalyx®, Smartlic®, Horslic® and Tracesure® Advanced Led by global leadership team with agricultural depth
Slide 17: Compelling market fundamentals
Compelling market fundamentals Increasing demand for animal protein due to global population growth and rising affluence Global Cattle Stocks (millions) Global Sheep Stocks (millions) Global Goats Stocks (millions) 1700 1700 1700 1500 1500 1500 1300 1300 1300 1100 1100 1100 900 900 900 700 700 700 2
Slide 18: Our strategy
Our strategy Our goal is to create long-term value for our stakeholders To achieve this, we are focused on three strategic pillars: Improve Deliver profitable Expand into operating commercial new growth margins growth markets • Shift portfolio away from • Focus on driving branded, • Deliver profitab
Slide 19: Improve operating margins
Improve operating Portfolio shift away from low margin, commodity- based products margins Sale and disposal of Afgritech (New York, US based rumen bypass business) Operational excellence UK bolus manufacturing site closed, and production transitioned from UK to Vétalis (France) Leadership change at
Slide 20: Deliver profitable commercial growth
Focus on driving branded, differentiated and patented Deliver profitable products within portfolio commercial growth New marketing and demand generation capability recruited across UK and US Global NPD programme now providing trial insight informing commercial strategy Reinvigorated commerciality an
Slide 21: Expand into new growth markets
Expand into new New market models and partnerships growth markets New Zealand distribution model established Cost reduction now complete First year with Seales Winslow delivered volume and margin growth Entry into high-potential markets Targeting selective new markets with strong long-term potential
Slide 22: Acquisition of Macal
Acquisition of Macal • Agreement to acquire Domino Industria E Comercio LTDA, trading as Macal (‘Macal’) announced on 3 Macal delivers Brazil foothold in high December 2025 MS cattle density state with operational capability and commercial distribution • Initial consideration of £5.0m – further £0.8
Slide 23: Brazil expansion plan
Brazil expansion plan Total target investment of c. £25.0m - £30.0m PA MA over the next three to four years with two targets in advanced RO discussionsTO Low-risk M&A of EBITDA Construction of low moisture BA MT accretive established mineral feed block production plant in and supplement manufacturer
Slide 24: Underpinned by our refreshed ESG framework
Underpinned by our refreshed ESG framework People Production Product People are at the heart of our Our goal is to operate Our goal is to deliver research- business. Our goal is to build a responsibly and with integrity, based supplements for extensive safe, people first culture that minimising our
Slide 25: Summary and outlook
Summary and outlook Fevara plc Purpose led. Performance focused. 25
Slide 26: Summary and outlook
Summary and outlook Our refreshed strategy is designed to deliver sustainable shareholder value by leveraging our competitive strengths: market-leading brands, patented and research-proven products, scalable and cash-generative operations and trusted long-term customer relationships • A year of tran
Slide 27: Thank you
Thank you Fevara plc Warwick Bridge Business Centre Warwick Bridge, Carlisle CA4 8RR Purpose led. United Kingdom T +44 (0) 1228 554600 Performance focused. E info@fevara.com info@fevara.com W Fevara plc Fevara plc
Slide 28: Appendix
Appendix Fevara plc Purpose led. Performance focused. 28
Slide 29: What makes us different and enables growth
What makes us different and enables growth Global specialist Strategically Patented 01 in livestock 02 located operations 03 research-proven supplements with local sales product portfolio execution Fevara plc Purpose led. Performance focused. 29
Slide 30: Our business model
Our business model Our goal is to create long-term value for our stakeholders, delivered through our business model and maximised through our strategic focus Key resources and relationships Our values • In-house livestock nutrition and R&D Develop expertise in UK and US We develop research-proven St
Slide 31: Why farmers purchase our products
Why farmers purchase Crystalyx® vs competitor Crystalyx® Competitor our products Our products improve the health, performance and fertility of livestock Because forages are We boost microbial activity in the not enough, rumen, which enhances feed Crystalyx® nutrition digestibility solutions help Pro
Slide 32: Why our products are different
Why our products are different Our research-proven products deliver farmers supplements they can trust and the following benefits Our products produce astounding results with Global results 42.2% 24% 59.5% forage fed livestock increase in improvement increased milk throughout the world. from indepen
Slide 33: Industry growth and future demand
Industry growth and future demand Stocks Millions per square km Cattle Sheep Goat stocks stocks stocks Source: fao.org Fevara plc Purpose led. Performance focused. 33
Slide 34: Industry growth and future demand (continued)
Industry growth and future demand (continued) Strategic use of supplements can improve productivity, rural livelihoods and food security Cattle meat yields kg per animal 400 370 +65% 350 328 287 World average 300 +97% 245 251 250 225 200 182 130 139 150 114 100 50 0 World Average Kenya Mexico United
Slide 35: Industry growth and future demand (continued)
Industry growth and future demand (continued) Large targeted addressable markets Cattle heads Total addressable 10-year (m) market (£) CAGR Country Brazil 234.3 2.6bn 1.0% United States 92.1 1.0bn 0.2% European Union 77.2 850m -0.38% Mexico 36.3 400m 1.2% Tanzania 31.9 350m 2.7% Kenya 23.5 250m 2.6%
Slide 36: Our strategy
Our strategy Our goal is to create long-term value for our stakeholders To achieve this, we are focused on three strategic pillars: Improve Deliver profitable Expand into operating commercial new growth margins growth markets Fevara plc Purpose led. Performance focused. 36
Slide 37: Our operating model
Our operating model The Group’s operating model is designed to drive Global Coordinated Local shareholder leadership research and businesses returns and team development growth. • Disciplined capital • New product • Deep customer allocation and risk innovation intimacy and market management insight
Slide 38: Core values and culture
Core values and culture We are focused on creating a performance-based mindset within Fevara plc We value active listening, mutual respect and trust among team members Integrity Responsibility We act with strong moral We provide a sense of purpose, We lead by example, upholding the values of Integri
Slide 39: Investment case
Investment case The Group’s investment case is supported by eight key Specialists in research-proven Patented processes and unique products Strategically positioned for growth, supported Scalable, low-risk, cash-generative strengths. livestock supplements by strong market fundamentals business Exper